Protect Your Money > Your Money is Insured

IMPORTANT INFORMATION ABOUT
YOUR FEDERALLY INSURED ACCOUNTS
FROM THE NATIONAL CREDIT UNION ASSOCIATION

The NCUA insures accounts in credit unions through the National Credit Union Share Insurance Fund (Share Insurance Fund). Congress established the Share Insurance Fund in 1970 to insure member's shares. The Share Insurance Fund is backed by the full faith and credit of the United States Government. The Share Insurance Fund provides essentially the same coverage as the Federal Deposit Insurance Corporation's (FDIC) account insurance.

Not one penny of insured savings has ever been lost by a member of a federally insured credit union!

The NCUA insures share accounts in federally insured credit unions for $250,000 per qualifying account. You can tell your credit union is federally insured by checking to see if it displays the NCUA official insurance sign. You can also check the insurance status of your credit union by visiting www.ncua.gov/indexdata.

If a federally insured credit union fails and is closed, NCUA will pay members the insured amount of their credit union accounts. Payments are usually made within 3 days or less after a credit union closes its doors. Instead of sending payments directly to members, NCUA sometimes just transfers member accounts to another, open federally insured credit union and gives members a notice of the transfer.

You can increase your coverage by setting up different types of accounts because the $250,000 coverage is per qualifying account.

Funds you own individually in just your name are single ownership accounts. These include savings accounts, checking accounts, and share certificates. The maximum insurance coverage for single account is $250,000. NCUA adds together all single accounts and insures them up to $250,000.

Joint accounts are accounts owned by two or more members. Joint account insurance is in addition to insurance you can have for individual accounts. NCUA insures each owner of the account up to $250,000. NCUA adds together each owner's share of any joint accounts he or she has a joint interest in and insures that total up to $250,000.