Are credit union accounts insured by the FDIC?

The FDIC is the Federal Deposit Insurance Corporation and it is an agency created by the United States government to provide deposit insurance to depositors in U.S. commercial banks and savings institutions. However, the credit union is insured by a similar institution known as the NCUA or the National Credit Union Administration, providing deposit insurance to depositors in all U.S. federal credit unions.

The NCUA manages the NCUIF or National Credit Union Insurance Fund which insures up to $250,000 per account title. The NCUIF insures up to $250,000 for single ownership accounts, up to $250,000 for your accounts with a beneficiary, etc. For more information on your coverage click here.

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