| Savings & Investments NCUA Insurance Protection |
NCUA Insurance Protection
Savings Protection
Your savings are federally insured to $100,000 by the National Credit Union
Administration (NCUA), an agency of the U.S. Government. The NCUA is an independent agency of the United States Government and is
managed by the NCUA Board. The National Credit Union Share Insurance Fund (NCUSIF) was
established by Congress in 1970 to insure member share accounts in federally
insured credit unions. NCUSIF is also managed by the NCUA Board. Share
insurance protection is therefore provided by the NCUA Board through NCUSIF.NCUSIF insurance protection is similar to deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC). NCUSIF share insurance helps to maintain sound conditions in the credit union industry and protects credit union members in the event of an insured credit union failure due to insolvency or bankruptcy as determined by the NCUA Board. As a member of an insured credit union, you do not pay directly for share insurance protection. Accounts under different ownerships, IRA savings and Totten Trust Accounts in trust for a spouse, child or grandchild all qualify for separate NCUA insurance coverage up to $100,000.
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