![]() ![]() If your credit union is NCUA-insured and decides to close, you’ll receive a notice by mail. ![]() Similar to the FDIC, the National Credit Union Administration insures credit union bank accounts. The FDIC doesn’t protect the following, even at insured banks: Then, as the bank’s assets are liquidated, you may receive payments. If you have more than $250,000 in your account, it’s still possible that you can receive the full amount, but you’ll need to file a claim with the FDIC. If the money is in a trust or issued through a broker or employer plan, the FDIC will need supporting documentation - and it may take longer to receive your funds. If your money isn’t moved, the bank should mail you a check within two business days of the bank closing. ![]() If your bank closes, the FDIC will either try to move your money to another bank in good standing or mail you a check for up to the insured amount. Most banks are insured by the Federal Depository Insurance Corporation, which protects your deposits for up to $250,000 per account, including checking, CDs, money market and savings accounts. If you don’t move your funds before the bank closes, here’s what you can expect: If your bank is FDIC- or NCUA-insured If your bank or credit union closes all its branches due to a bank failure, you may need to move your money to a different bank altogether. However, if a branch closes and online banking or visiting another branch is inconvenient, you’ll need to find a different place to store your money. If this happens to you, you can choose to bank at a nearby branch or online. Your bank should also post a notice at the branch location. If your bank is federally insured and decides to close a branch, it must notify you at least 90 days ahead of the closing date, according to the Federal Reserve. ![]()
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