The shares in your credit union account are insured by the National Credit Union Share Insurance Fund (NCUSIF) or the Fund, an arm of the National Credit Union Administration (NCUA). NCUA is an independent agency of the United States Government. NCUA charters, regulates and insures the nation's federal credit unions.
The Fund was established by Congress in 1970 to insure member share accounts at federally insured credit unions, and is managed by NCUA.
Your share deposit insurance is similar to deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC). Share accounts in federally insured credit unions are insured up to $250,000, an amount equal to the insurance protection offered by the FDIC. Generally, if a credit union member has more than one account in the same insured credit union, those accounts are added together and insured up to $250,000. However, Individual Retirement Accounts (IRA's) are separately insured to $250,000 each.
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