The shares in your credit union are insured by the National Credit Union Administration, commonly referred to as the NCUA. It is the federal government agency that operates and manages the National Credit Union Share Insurance Fund (NCUSIF). Established by Congress in 1970 to insure member share accounts at federally insured credit unions, it is backed by the full faith and credit of the U.S. government. Your share insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC).

Share insurance coverage protects members against losses if a federally insured credit union should fail. You can confidently join and conduct business with a federally insured credit union because no member has ever lost money insured by the NCUSIF.

The NCUSIF provides all members of federally insured credit unions with $250,000 in coverage for their individual accounts. Note: If you have more than one individual ownership account at a federally insured credit union, the amounts in all of the accounts are added together and insured to a maximum of $250,000.

Joint accounts are savings accounts owned by two or more people who have equal rights to withdraw money from the accounts. The NCUSIF provides joint account holders with $250,000 coverage for their aggregate interest at each federally insured credit union. For example, a two-person joint account has $500,000 in coverage. This coverage is separate from and in addition to the coverage on the individual accounts.

Federally insured credit unions are required to display the official NCUSIF insurance sign in the credit union office.

Note on $250,000 limits:  The Emergency Economic Stabilization Act of 2008, signed into law on October 3, 2008, increased the insurance coverage on all accounts to $250,000 (from $100,000) through December 31, 2009.

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