Depository institution

Depository institutions hold your money and give you access to your money when you want it.  Types of depository institutions include credit unions, savings institutions, and commercial banks. The main source of funding for these institutions come from deposits from their customers or members. 

What you should know about depository insurance

Both banks and credit unions are federally insured to protect consumer's deposits in case of failure.  All insured institutions must post the logo if the insurer in their office and branch locations. 

Banks are insured by the Federal Deposit Insurance Corporation (FDIC) and credit unions are insured by the National Credit Union Administration (NCUA).  State-chartered depository institutions may also have additional deposit insurance above the federal limits through a private, industry-sponsored excess insurer.

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