Credit unions displaying this symbol are insured by the National Credit Union Share
Insurance Fund (NCUSIF), an arm of the National Credit Union Administration (NCUA).

Federal share insurance is mandatory for all federal and some state-chartered credit
unions. Each credit union must meet high standards to be approved for NCUSIF coverage.

How does share insurance protect my money?

NCUSIF coverage works much like the insurance for depositors in banks or savings and loan associations (known as FDIC).   Coverage assures that your savings will be paid to you in
full--up to $100,000--if your credit union should ever become insolvent and have to liquidate.

NOTE: To date, no money has been lost by a member of a federally-insured credit union.

What if I have multiple accounts, how will this affect my coverage?

It is possible to have up to $1 million or more in insurance coverage, depending on the type of accounts, ownership of the accounts, and location of accounts.  IRA accounts are insured separately up to $250,000 from your other accounts at the credit union. All share accounts held individually are added together and are insured up to $100,000.  All joint accounts owned by the same combination of individuals are added together and are insured up to $100,000.   All trust interests created by the same grantor for the same beneficiary will be added together and insured up to $100,000.  Accounts held at different credit unions (excluding different branches of the same credit union) are considered as separate accounts and insured up to $100,000.

NOTE: Share insurance coverage is not increased simply by dividing funds among the different types of share accounts available at a single credit union.

How much will this insurance cost me?

Your credit union pays a deposit into the NCUSIF along with an insurance assessment.  The amount paid is based upon the shares and deposits held by the credit union.

NOTE: You pay no extra charge for this protection.

Am I protected in other ways?

Yes, your credit union has many safeguards.  It maintains substantial reserves, as required by law.  All persons who handle money or records are bonded.  The credit union is inspected regularly by government examiners.