The National Credit Union Administration (NCUA) is an independent federal agency that insures the deposits of credit union members nationwide. Managed by the National Credit Union Administration Board, NCUA examines, supervises and insures both federally-chartered and qualifying state-chartered credit unions. Also managed by the NCUA Board, the National Credit Union Share Insurance Fund (NCUSIF) is a component of NCUA and was established by Congress on October 19, 1970 to insure member accounts. There are no charges or fees directly assessed to members for this coverage. NCUA provides up to $250,000 basic insured amount.
All individually owned accounts for each member are added together and insured up to $250,000. Accounts include checking, share savings, certificates and money market accounts.
Each member’s interest in all join accounts is added together and insured up to a maximum of $250,000. Accounts include checking, share savings, certificates and money market accounts.
The balances of all traditional, Roth and SEP-IRAs owned by the same member are added together and insured up to a maximum of $250,000.
For complete details, please review USU Credit Union’s NCUA Share Insurance brochure given to members at account opening.