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NCUA Insurance Coverage:
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The National Credit Union Administration (NCUA) provides deposit insurance coverage up to $250,000 per depositor, per insured credit union. This federal insurance protects members' deposits in the event of credit union failure.
The insurance coverage follows this simple formula:
Where:
Explanation: All deposits up to $250,000 are fully insured. Amounts above this limit are not protected by federal insurance.
Details: NCUA insurance provides crucial protection for credit union members, ensuring the safety of deposits and maintaining confidence in the financial system. It's backed by the full faith and credit of the United States government.
Tips: Enter your total deposit amount in USD. The calculator will show your insured amount and warn you if your deposits exceed the $250,000 insurance limit.
Q1: What types of accounts are covered by NCUA insurance?
A: NCUA insurance covers share accounts (similar to bank savings accounts), share draft accounts (checking), money market accounts, and certificates of deposit.
Q2: Is the $250,000 limit per account or per person?
A: The limit is per depositor, per insured credit union, across all single ownership accounts. Different ownership categories (joint, trust, etc.) may have separate insurance coverage.
Q3: What happens if I have more than $250,000 in deposits?
A: Amounts above $250,000 are not insured. Consider spreading larger deposits across multiple credit unions or using different ownership categories to maximize insurance coverage.
Q4: How does NCUA insurance compare to FDIC insurance?
A: Both provide identical coverage limits ($250,000 per depositor) and similar protections. NCUA insures credit unions while FDIC insures banks.
Q5: Are investment products covered by NCUA insurance?
A: No, NCUA insurance only covers deposit products. Investment products like stocks, bonds, mutual funds, and annuities are not insured.