Your money is insured at a credit union

For more than 100 years credit unions have promoted thrift and savings among their members and consumers.

• In 1970, Congress created the National Credit Union Share Insurance Fund (NCUSIF) to insure members' deposits in federally insured credit unions.
• NCUSIF is administered by the National Credit Union Administration (NCUA).
• The Share Insurance Fund has the backing of the full faith and credit of the United States.

Credit union members have never lost even a penny of insured savings at a federally
insured credit union.

How much is protected through the Share Insurance Fund?

• NCUSIF insures and protects individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000.
• One difference with NCUA insurance, though, is that it covers regular shares and share draft accounts, which are specific to credit unions and do not exist at banks.
• NCUSIF separately protects IRA and KEOGH retirement accounts up to $250,000.
• The insured limit of $250,000 is per depositor, per ownership account type, at each NCUA insured credit union. All such accounts a depositor has in the same credit union, are collectively insured up to $250,000.
• If a depositor has more than $250,000 in the same credit union, there may other options such as single accounts, joint accounts, revocable trust accounts, and retirement accounts.

Which credit unions are insured?

• The NCUSIF insures the funds of millions of consumers’ accounts in all federal credit unions, and the vast majority of state credit unions.

What types of accounts does the NCUA insure?

• savings accounts
• share drafts (similar to checking accounts)
• share certificates
• money market accounts
• retirement accounts most commonly structured as IRAs
• trust accounts.

It does not insure investment products offered by companies affiliated with a credit union, such as mutual funds, annuities, and other non-deposit investments.

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