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The NCUA provides standard deposit insurance of $250,000 per individual depositor, per insured credit union. Suppose an individual has $250,000 deposited at one credit union and $100,000 at another.
As with the FDIC, the NCUA has a cap of $250,000 per depositor, per account. Thus, it’s entirely possible for an insured credit union to have sizable deposits that aren’t covered.
The FDIC and NCUA protections are identical twins with different names. Both protect your money up to $250,000, and both come with the full backing of the U.S. government.
The Share Insurance Estimator, NCUA's interactive site which allows users to input data to compute the amount of Share Insurance Fund coverage available under different account scenarios, and; NCUA's share insurance publications How Your Accounts Are Federally Insured and Your Insured Funds. Both publications are available in English and Spanish.
The National Credit Union Administration (NCUA) is an American government-backed insurer of credit unions in the United States, one of two agencies that provide deposit insurance to depositors in U.S. depository institutions, the other being the Federal Deposit Insurance Corporation (FDIC), which insures commercial banks and savings institutions.
Deposit insurance or deposit protection is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due. Deposit insurance systems are one component of a financial system safety net that promotes financial stability.
The standard deposit insurance coverage limit, as offered at banks that are members of the Federal Deposit Insurance Corp. (FDIC), is $250,000 per depositor, per bank, per ownership category.
With the volume of ads for banks shown online and on television, you undoubtedly have heard the term "FDIC insured." That's the guarantee that the federal government makes to you that your money is...