NCUA
National Credit Union Administration
There's no need to fear; the NCUA is here!
The National Credit Union Administration's insurance guarantees that you'll receive the money you're entitled to from your deposit account if the credit union becomes insolvent. It guarantees up to $250,000 per person, per institution, per ownership category. The NCUA is a federal agency created by Congress to regulate credit unions and insure your money.
What's the difference between the NcuA and FDIC?
Both the NCUA & FDIC organizations were created to secure the safety of your hard-earned deposits. Where they differ is the type of institutions they insure. The FDIC solely focuses on bank deposits, whereas the NCUA solely focuses on credit union deposits. From that point on, it's apples to apples as both have the standard share insurance amount of $250,000 per share owner, per insured credit union, for each account ownership category.