Federally insured credit unions offer a safe place for you to save your money, with deposits insured up to $250,000 per individual depositor. The National Credit Union Administration (NCUA) is the independent agency that administers the National Credit Union Share Insurance Fund (NCUSIF). Like the FDIC’s Deposit Insurance Fund, the NCUSIF is a federal insurance fund backed by the full faith and credit of the United States government.

The NCUSIF insures member savings in federally insured credit unions, which account for about 98 percent of all credit unions in the United States. Deposits at all federal credit unions and the vast majority of state-chartered credit unions are covered by NCUSIF protection.

All federally insured credit unions must prominently display the official NCUA insurance sign at each teller station and where insured account deposits are normally received in their principal place of business and in all branches. Federally insured credit unions are also required to display the official sign on their Internet page, if any, where they accept deposits or opens accounts. No credit union may end its federal insurance without first notifying members.

On July 22, 2010, Congress permanently increased NCUA’s standard maximum share insurance coverage to $250,000.

As a member of a federally insured credit union, you do not pay directly for your share insurance protection. Your credit union places a deposit into the NCUSIF and pays an insurance assessment based on the total amount of insured shares and deposits in the credit union.

NCUA share insurance covers all types of deposits received at a federally insured credit union, including deposits in a share draft account, share savings account, or time deposit such as a share certificate. NCUA insurance covers members’ accounts at each federally insured credit union, dollar-for-dollar, including principal and any accrued interest through the date of the insured credit union’s closing, up to the insurance limit. This coverage also applies to nonmember deposits when permitted.

Share accounts in federally insured credit unions are insured up to $250,000. A depositor who has multiple deposits may qualify for more than $250,000 in share insurance coverage if the customer’s accounts are of different legal ownership and the requirements for each type of legal ownership are met.