How your accounts are federally insured.
What is the NCUA?
The National Credit Union Administration, commonly referred to as NCUA, is an independent agency of the United States government that regulates, charters and supervises federal credit unions. NCUA also operates and manages the National Credit Union Share Insurance Fund (NCUSIF). Backed by the full faith and credit of the U.S. government, the NCUSIF insures the accounts of millions of account holders in all federal credit unions and the vast majority of state-chartered credit unions. NCUA Share Insurance is a federally funded insurance program created by Congress in 1970 to insure members’ deposits up to $250,000 per SSN.
The $250,000 standard share insurance became permanent through the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Previously, the insured amount was $100,000 per SSN. The Share Insurance Fund has the backing of the full faith and credit of the United States and Credit Union members have never lost even one penny of insured savings at a federally insured credit union Account ownership and titling is critical in determining the amount of coverage provided. For members with balances over $250,000 the Share Estimator Tool is a helpful resource to determine their insured coverage.It is possible for members to keep much more than $250,000 with proper titling and with the addition of qualified beneficiaries (referred to as Revocable Trust accounts for share purposes in the NCUA literature).
- Deposit accounts are federally insured to $250,000 per depositor.
- IRA accounts are insured separately for an additional $250,000, including both Roth and Traditional balances together in this total.
- IRA example: a depositor can have $250,000 in deposit balances and up to $250,000 in IRA balances for an aggregate balance of up to $500,000.
- Joint account example: a depositor and joint holder together are insured for $250,000 each for a total of $500,000 for their aggregate balances.
- A single account is insured for $250,000, unless there are beneficiaries named. The account will be insured $250,000 for each named beneficiary. Example: A single account with 3 beneficiaries is insured for $750,000.
- Revocable Trusts accounts are insured based on the number of beneficiaries named in the trust. $250,000 of coverage is provided for each named beneficiary.