If you’ve ever wondered whether credit unions are FDIC insured, the short answer is no. However, credit unions have their own equivalent protection through the National Credit Union Administration (NCUA). The FDIC (Federal Deposit Insurance Corporation) insures deposits at banks, ensuring that your money is safe up to $250,000 per depositor, per insured bank. Credit unions, on the other hand, are insured by the NCUA (National Credit Union Administration) through the National Credit Union Share Insurance Fund (NCUSIF). This coverage also protects deposits up to $250,000 per individual depositor. So, while credit unions aren’t FDIC insured, the NCUA provides a…
Are Credit Unions FDIC Insured? – One Minute Reads
If you’ve ever wondered whether credit unions are FDIC insured, the short answer is no. However, credit unions have their own equivalent protection through the National Credit Union Administration (NCUA). The FDIC (Federal Deposit Insurance Corporation) insures deposits at banks, ensuring that your money is safe up to $250,000 per depositor, per insured bank. Credit unions, on the other hand, are insured by the NCUA (National Credit Union Administration) through the National Credit Union Share Insurance Fund (NCUSIF). This coverage also protects deposits up to $250,000 per individual depositor. So, while credit unions aren’t FDIC insured, the NCUA provides a…
