What Is NCUA Share Insurance?

All deposits at federally insured credit unions are protected by the National Credit Union Share Insurance Fund, which is a similar but separate fund from the FDIC fund for banks. Credit union members have never lost a penny of insured savings at a federally insured credit union, and our industry’s deposit insurance fund has the backing of the full faith and credit of the U.S. government.

The National Credit Union Share Insurance Fund was created by Congress in 1970 to insure members’ deposits in federally insured credit unions. Each credit union member has at least $250,000 in total coverage. Administered by the NCUA, the Share Insurance Fund insures individual accounts up to $250,000. Additionally, a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also separately protects members’ IRA and KEOGH retirement accounts up to $250,000 and provides additional coverage for members’ trust accounts.