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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 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.
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.
Approximately 236,000 people were directly employed by credit unions per data derived from the 2012 National Credit Union Administration (NCUA) Credit Union Directory. [7] As of 2019, there were 5,236 federally insured credit unions with 120.4 million members, and deposits of $1.22 trillion. [8]
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The Foundation promotes local and community development by primarily funding high impact projects in the areas of housing, education, healthcare and human services. The State Employees’ Credit Union Board of Directors chartered the SECU Foundation to help identify and address community issues that are beyond the normal scope of State ...
Look for terms like "member FDIC," "FDIC insured" or "NCUA insured" when comparing your options. And learn more about how to confirm your nonbank is FDIC-insured . I’ve saved up $10,000.