Township Depositories

The township treasurer is the custodian of the township's money. (MCL 41.76)

The depositories of the township must be approved by the township board by resolution. (MCL 41.77)

MCL 41.77 and MCL 129.91 define the types of financial institutions townships may use as depositories.

The Federal Deposit Insurance Corporation insures deposits in some, but not all, banks and savings institutions.

Up to $200,000 within a given depository in Michigan may be insured under FDIC, but the aggregate amount for all time and savings accounts is $100,000, and the aggregate amount for demand deposits, such as checking accounts, is $100,000.

All federal credit unions must be insured through the National Credit Union Share Insurance Fund by the National Credit Union Administration, but state credit unions may be insured by the NCUA or private insurance corporations.