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National Credit Union Administration coverage — the credit-union equivalent of FDIC insurance, protecting share accounts if the credit union fails, up to a set limit.
Why It Matters
People sometimes assume an account is unprotected because it does not say FDIC. Federally insured credit unions are covered by the NCUA through the National Credit Union Share Insurance Fund, at the same $250,000 standard limit per member, per insured credit union, per ownership category. Different agency, equivalent protection. As with the FDIC, the coverage applies to deposits — investments bought through a credit union are not insured.
Key Points
- Protects share accounts at federally insured credit unions, up to $250,000 per member, per credit union, per ownership category.
- Covers share draft (checking), share (savings) and share certificate accounts.
- Does NOT cover investments, even if bought through the credit union.
Related Terms
Common Questions
National Credit Union Administration coverage — the credit-union equivalent of FDIC insurance, protecting share accounts if the credit union fails, up to a set limit. People sometimes assume an account is unprotected because it does not say FDIC. Federally insured credit unions are covered by the NCUA through the National Credit Union Share Insurance Fund, at the same $250,000 standard limit per member, per insured credit union, per ownership category.
People sometimes assume an account is unprotected because it does not say FDIC. Federally insured credit unions are covered by the NCUA through the National Credit Union Share Insurance Fund, at the same $250,000 standard limit per member, per insured credit union, per ownership category. Different agency, equivalent protection. As with the FDIC, the coverage applies to deposits — investments bought through a credit union are not insured.
Protects share accounts at federally insured credit unions, up to $250,000 per member, per credit union, per ownership category.
Covers share draft (checking), share (savings) and share certificate accounts.
Does NOT cover investments, even if bought through the credit union.