Define: National Credit Union Share Insurance Fund (Ncusif)

The National Credit Union Share Insurance Fund (NCUSIF) is a federal insurance fund established by the National Credit Union Administration (NCUA) to protect the deposits of credit union members. It provides insurance coverage similar to the Federal Deposit Insurance Corporation (FDIC) for banks.

Yes, all federally insured credit unions are covered by NCUSIF insurance. However, it’s important to note that not all credit unions are federally insured. State-chartered credit unions may have separate insurance coverage.

NCUSIF insurance covers the deposits of credit union members, including savings accounts, checking accounts, money market accounts, and certificates of deposit (CDs). It provides up to $250,000 in coverage per individual depositor per credit union.

Yes, certain types of accounts are not covered by NCUSIF insurance. These include investments in mutual funds, stocks, bonds, annuities, and other non-deposit investment products. It’s important to review the specific terms and conditions of your credit union to understand what is covered.

Yes, NCUSIF insurance is backed by the full faith and credit of the United States government. This means that even in the event of a credit union failure, the federal government guarantees the payment of insured deposits.

If your credit union fails, the NCUA will step in as the liquidating agent. They will work to protect the interests of depositors and ensure the orderly liquidation of the credit union. Insured deposits will be paid out to depositors up to the maximum coverage limit.

Yes, you can have more than $250,000 in coverage at one credit union if you have different types of accounts. For example, if you have a savings account with $250,000 and a separate checking account with $250,000, both accounts would be fully insured.

Yes, joint accounts are covered by NCUSIF insurance. Each co-owner of a joint account is insured up to $250,000 for their share of the account. This means that if there are two co-owners, the account would be insured up to $500,000.

No, NCUSIF insurance does not cover credit union loans. It only provides insurance for deposits made by credit union members.

You can verify if your credit union is federally insured by NCUSIF by checking the NCUA’s online database of federally insured credit unions. You can search for your credit union by name, city, state, or charter number to confirm its insurance status.