Define: National Credit Union Share Insurance Fund

The NCUSIF is a federal insurance fund established by the National Credit Union Administration (NCUA) to protect the deposits of credit union members in case of a credit union failure.

No, not all credit unions are insured by the NCUSIF. Only credit unions that are federally chartered or have opted for NCUSIF insurance are covered.

The NCUSIF provides up to $250,000 in coverage per individual depositor for each credit union account ownership category. This includes savings, checking, share certificates, and other deposit accounts.

Yes, joint accounts are covered separately by the NCUSIF. Each co-owner of a joint account is insured up to $250,000 for their share of the account.

Yes, retirement accounts such as Individual Retirement Accounts (IRAs) and Keogh accounts are insured by the NCUSIF. The coverage limit for these accounts is also $250,000 per individual depositor.

If a credit union fails, the NCUA will step in as the liquidating agent. The NCUA will work to recover as much of the credit union’s assets as possible to repay the members. If there are any remaining losses, the NCUSIF will cover those losses up to the insured limit.

Credit union members are generally protected by the NCUSIF, so they should not lose money if their credit union fails, as long as their deposits are within the insured limit. However, it is important to note that investments in non-deposit products, such as stocks or mutual funds, are not insured by the NCUSIF and may involve risk.

You can verify if your credit union is insured by the NCUSIF by checking the NCUA’s website or contacting the NCUA directly. They will be able to provide you with the necessary information.

Yes, you can increase your deposit insurance coverage beyond $250,000 by opening accounts in different ownership categories. For example, if you have individual accounts, joint accounts, and retirement accounts, each category will be insured separately up to $250,000.

No, the NCUSIF is not backed by the full faith and credit of the United States government. It is funded by credit unions and managed by the NCUA, but it does not receive taxpayer funds.