The basic insured amount for a
credit union member under current law is $100,000. Share
accounts maintained in different rights or capacities,
or forms of ownership, may each be separately insured up
to $100,000. Thus, a member may hold or have an interest
in more than one separately insured share account in the
same insured credit union.
 Types of Accounts That Can Be Insured
All types of member share
accounts and deposits received by the credit union in
its usual course of business, including regular shares,
certificates of deposit, and checking accounts are
insured.
If a member
has a regular share account and an Individual Retirement
Account in the same credit union, each account is
insured up to $100,000.
The shares
in your credit union are insured by the National Credit
Union Share Insurance Fund (NCUSIF) or the Fund, an arm
of NCUA. Established by Congress in 1970 to insure
member share accounts at federally insured credit
unions, the Fund is managed by NCUA under the direction
of the three-person NCUA Board. Your share insurance is
similar to the deposit insurance protection offered by
the Federal Deposit Insurance Corporation (FDIC).
The NCUA
Insurance booklet gives a more detailed explanation of
insurance coverage. To find out more information, visit the
NCUA website.
Not one penny of insured
savings has ever been lost by a member of a federally
insured credit union.
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