Senate Cents: A Financial Wellness Blog

You can confidently join, bank and save at a federally insured credit union because no member has ever lost a single cent from accounts insured by the NCUA.

Created by Congress in 1970, the National Credit Union Administration (NCUA) is an independent federal agency that insures deposits at federal credit unions. Like the Federal Deposit Insurance Corp., which insures bank deposits, the NCUA makes sure your credit union assets stay secure. It guarantees up to $250,000 per person, per institution, per ownership category.

Backed by the full faith and credit of the United States, the National Credit Union Share Insurance Fund (NCUSIF) covers the balance of each member’s account, dollar-for-dollar up to the insurance limit, including principal. 

Historically, insured funds are available to members within just a few days after the closing of an insured credit union. Failures of federally insured credit unions are rare because only those with sound operational standards qualify to receive NCUSIF coverage. The NCUA also regularly reviews the operations of all federal credit unions and works closely with state regulatory authorities to evaluate federally insured, state-chartered credit unions.

What’s Insured?

The NCUSIF provides all members of federally insured credit unions with $250,000 in coverage for their single-ownership accounts. These accounts include regular shares, checking, money market accounts, and share certificates. 

You may qualify for more than $250,000 in coverage at one insured credit union if you own share accounts in different ownership categories. The most common account ownership categories for individual and family shares are single-owner accounts, joint accounts, certain retirement accounts, revocable trust accounts, and irrevocable trust accounts.

Maximize Share Insurance

Feel confident knowing that your deposits at U.S. Senate Federal Credit Union are federally insured through the National Credit Union Administration. Each account holder's funds are insured to at least $250,000, and Individual Retirement Accounts are separately insured up to $250,000.

You can maximize your share insurance coverage by establishing different types of accounts. The NCUA insures accounts in different ownership categories separately. If your savings exceed the amount covered by the insurance limits, you can extend your NCUA share insurance coverage by having different types of accounts. You can also get up to $250,000 of additional insurance for your interest in joint accounts and trust accounts of which you are a beneficiary. Learn more about USSFCU’s deposit options below or you can use the Share Insurance Estimator.

The NCUA provides a description of all available types of NCUSIF coverage, along with examples in their brochure How Your Accounts are Federally Insured.

What's Not Covered?

While the NCUSIF coverage protects members at all federally insured credit unions from losses on a broad spectrum of savings and share draft products, it does not cover losses on money invested in mutual funds, stocks, bonds, life insurance policies, and annuities offered by affiliated entities.

Check Your Coverage

Credit union members can use the Share Insurance Estimator from mycreditunion.gov to calculate what portion of their accounts are insured, and which (if any) exceed coverage limits.

Feel confident knowing that your deposits are secure.

Need a little guidance or would like to open up a certificate now?

800.374.2758  |  [email protected]  |  my.ussfcu.org

Membership eligibility is required. All deposits are Federally insured by NCUA up to $250,000.

More information on NCUSIF coverage is offered in detail on the NCUA’s consumer website, MyCreditUnion.gov.

*The Share Insurance Estimator is designed to give an accurate share insurance calculation, however, results are strictly advisory. For questions about share insurance coverage, call the NCUA at 1.800.755.1030, or send an email to [email protected].