ARE CREDIT UNIONS FDIC INSURED BY THE GOVERNMENT?
Are Credit Unions FDIC insured by the government?
No, the Federal Deposit Insurance Corporation (FDIC) only insures deposits in banks. Credit unions have their own insurance fund, run by the National Credit Union Administration (NCUA).
The National Credit Union Administration is a US government agency that regulates and supervises credit unions. They also operate and manage the National Credit Union Share Insurance Fund (NCUSIF), which provides share insurance coverage for credit union members against losses should the credit union fail. The NCUSIF provides all members of federally insured credit unions with $250,000 in coverage for their single ownership accounts.
For more information regarding NCUSIF coverage and the NCUA, please visit ncua.gov.
Learn more about the credit union difference.