Safety Mississippi requires any financial institution to carry federal insurance. Insured banks must display the official FDIC sign in each teller's window. Banks approved for FDIC insurance must adhere to standards determined regularly through bank examination. The FDIC is on hand and usually begins payment by check to the depositors within three to five days after the date of a bank's closure. If questions are not answered locally, FDIC provides a toll-free hotline for answering questions.
Some firms buy more insurance.
There is no insurance that guarantees safety of any specific company. SIPC does not protect against losses resulting from the rise or fall in market value of your investment. NCUA district office is located in Atlanta, Georgia and moves in immediately in a bankruptcy. NCUA pays depositors by check. Questions can be directed to Mississippi Credit Union System, 981-4552.