A money market mutual fund account is considered an investment, and it is not a savings or checking account, even though some money market funds allow you to write checks. Mutual funds are offered by brokerage firms and fund companies, and some of those businesses have similar names and could be related to banks and credit unions—but they follow different regulations. For information about insurance coverage for money market mutual fund accounts, in case your brokerage firm fails, see the Securities Investor Protection Corporation (SIPC) .
To look up your account’s FDIC protection, visit the Electronic Deposit Insurance Estimator or call the FDIC Call Center at (877) 275-3342 (877-ASK-FDIC). For the hearing impaired, call (800) 877-8339.
Accounts at credit unions are insured in a similar way in case the credit union’s business fails, by the National Credit Union Association (NCUA). You can use their web tool to verify your credit union account insurance.
