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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.
Lastly, even if a credit union is insured, that doesn’t mean every penny of its deposits is covered. As with the FDIC, the NCUA has a cap of $250,000 per depositor, per account.
The Share Insurance Fund protects members' accounts in federally insured credit unions in the event of a credit union failure. The fund insures the balance of each members' account, dollar-for dollar, up to the standard maximum share insurance amount of $250,000. NCUA insurance covers all types of member shares received by a credit union including:
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.
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...
The services are limited by regulation but include administrative, professional, management and technology services. Under US federal law and the National Credit Union Administration regulations Part 712, federally chartered credit unions may make an investment in or a loan to a CUSO. Aggregate investments in CUSOs by federally chartered credit ...
Credit unions are insured by the National Credit Union Administration Share Insurance Fund, which operates with the same level of protection – $250,000 – as their bank counterparts.
Salal Credit Union is a NCUA-insured credit union headquartered in Seattle, Washington. It is the 20th largest credit union in Washington with assets totaling $656.18 million and providing banking services to more than 40,000 members. [1]