NCUA Insurance: How Your Money Is Protected
4 min read
Money in a federally insured credit union is protected by the National Credit Union Administration (NCUA), backed by the full faith and credit of the United States government — the same level of protection banks get from the FDIC.
How much is insured
The NCUA's Share Insurance Fund covers up to $250,000 per depositor, per insured credit union, per ownership category. That matches the FDIC's $250,000 coverage at banks.
Not a single penny of insured savings has ever been lost at a federally insured credit union. If a credit union fails, the NCUA makes insured members whole.
Ownership categories let you cover more
The “per ownership category” rule means you can insure well beyond $250,000 at one credit union. A single account, a joint account, and certain retirement accounts are each separately insured.
For example, a joint account owned by two people is insured up to $250,000 per co-owner — $500,000 total — on top of each person's individually owned accounts.
How to confirm a credit union is insured
Look for “federally insured by NCUA” on the credit union's site and branch signage, and confirm the charter in the directory. The vast majority of U.S. credit unions are federally insured.
If you hold more than the insured limit, spread deposits across ownership categories or across more than one credit union to keep everything covered.