NCUA Coverage
What is the NCUA?
Created by the U.S. Congress in 1970, the National Credit Union Association is an independent federal agency that administers the National Credit Union Share Insurance Fund (NCUSIF). Credit Unions that are federally insured by the NCUA offer a safe place for members to save your money, with deposits insured up to $250,000 per individual depositor.
What Does NCUA Protection Cover?
The NCUA’s Share Insurance Fund provides coverage for the following account types at federally insured credit unions:
- Savings accounts (e.g., share savings)
- Checking accounts (e.g., share draft accounts)
- Money market accounts
- Share Certificates (CDs)
- IRA and other retirement accounts
How Much is Covered?
Share insurance covers members' accounts at each federally insured credit union, dollar-for-dollar, including principal and any accrued dividend through the date of the insured credit union’s closing, up to the insurance limit. The total amount is based on the type of ownership and how the accounts are organized.
Key Points to Remember
Union Square Credit union members have never lost even a penny of insured savings.
Automatic Insurance: If your credit union is federally insured, you don’t need to do anything to receive coverage—it’s automatic.
Separate Coverage: Accounts at different federally insured credit unions are separately insured.
Ownership Categories: Account organization can determine the total amount of insured funds. You may maximize your coverage based on your ownership types and beneficiaries.
How to Check if Your Credit Union is NCUA Insured
You can verify if your credit union is federally insured by checking for the official NCUA logo on its website, branch signage, or account statements. You can also search using the NCUA's Credit Union Locator Tool.
Resources
Click here to learn more about the Share Insurance Fund.
To calculate your coverage, visit the NCUA Share Insurance Estimator on their website.