Individuals and organizations with checking, savings share certificate or CD accounts should make sure that their “safe” money is held in account(s) backed by the full faith and credit of the United States Government. They should not just rely on a sticker on the door of the bank or credit union that the funds are federally insured. They should independently verify that the institution is federally insured and that their funds are safe.
How can they do that?
All federally chartered U.S. credit unions and almost all state chartered credit unions are federally insured by NCUA to at least $250,000 per account. The Queen of Peace Arlington FCU, for example, is federally chartered and insured. To independently verify such coverage for a credit union, go to http://www.ncua.gov/, the web site of the National Credit Union Administration (NCUA), which provides federal insurance for credit unions. Under “Find a Credit Union”, you can locate any federally insured credit union and verify such insurance. The main page of the NCUA web site has links to detailed information about federal insurance for credit unions and a calculator that can help you verify that your savings are safe in an NCUA insured credit union.
For banks and thrifts, you can verify insurance through the FDIC (Federal Deposit Insurance Corporation) at http://www.fdic.gov/. Click on the links there to verify that a bank is FDIC insured. There are links on the main page to callculators to verify that your savings are safe in an FDIC insured bank or thrift.
NCUA and FDIC (both agencies of the US Government) provide identical (or nearly identical) coverage and both are equally and fully backed by the full faith and credit of the United States Government.