NCUA Insurance
What Is NCUA Insurance?
NCUA insurance protects deposits held in federally insured credit unions. The coverage is administered by the National Credit Union Administration (NCUA), an independent federal agency.
This insurance ensures that members’ deposits remain protected even if a credit union fails.
Why It Matters
NCUA insurance provides the same level of protection for credit union deposits as FDIC insurance does for bank deposits. It strengthens public confidence in credit unions and protects members’ savings.
This protection allows credit unions to safely serve millions of members across the United States.
How NCUA Insurance Works
Federally insured credit unions contribute to the National Credit Union Share Insurance Fund (NCUSIF).
Member deposits are insured up to $250,000 per depositor per credit union.
Covered accounts include:
- share accounts (savings)
- share draft accounts (checking)
- money market accounts
- share certificates
If a credit union fails, the insurance fund reimburses members up to the coverage limit.
NCUA Insurance vs FDIC Insurance
- NCUA insurance protects deposits at credit unions.
- FDIC insurance protects deposits at banks.
Both provide similar protections and coverage limits.
FAQs About NCUA Insurance
Are all credit unions insured?
Most federal credit unions and many state-chartered credit unions are insured.
Does NCUA insurance cover investments?
No. Investment products are not insured.
What is the insurance limit?
Typically $250,000 per depositor per credit union.
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