nawermobi.blogg.se

It’s headquartered in Arkansas, Delaware, South Dakota, Wyoming or the District of Columbia.Here’s how you’ll know if a credit union is federally insured: A credit union is not allowed to discontinue its federal insurance without first notifying members. Like the insurance provided by the FDIC, NCUSIF insurance covers deposits of up to $250,000 per individual investor.Ĭongress created the NCUSIF in 1970 to protect deposits at credit unions. Today, about 98 percent of all credit unions in the U.S. are federally insured. The fund is a federal insurance fund backed by the U.S. The NCUSIF is administered by the National Credit Union Administration, an independent agency. Otherwise, both federal credit unions and credit unions offer the same basic banking services like checking and savings accounts, loans and other financial tools.įederal credit unions are insured by the National Credit Union Share Insurance Fund. The main difference between federally chartered credit unions and non-federal credit unions is how they’re insured. Headquartered outside of Arkansas, Delaware, South Dakota, Wyoming or the District of ColumbiaĬheck Out: Different Types of Credit Unions What Is a Federal Credit Union?.The absence of the word “federal” in the credit union name.You can easily identify a non-federal credit union - versus a federal credit union - in a couple of ways: You can contact a credit union’s customer service to inquire about its insurer if it’s not federally insured. Some deposits at state-chartered credit unions are insured by private insurers, which provide non-federal share deposit insurance coverage of deposits that are not backed by the U.S. Thus, deposits at non-federal credit unions are covered by non-federal share insurance. government through the NCUSIF are insured by private insurers. What Is a State-Chartered Credit Union?Ĭredit unions that are not insured by the U.S. Both types of credit unions offer the same basic banking services - like checking and savings accounts, loans and other financial tools. The important distinction between federal credit unions and non-federal credit unions - aka state-chartered credit unions - is how they’re insured and regulated: Federal credit unions are insured by the National Credit Union Share Insurance Fund non-federal credit unions are not insured by the NCUSIF. When comparing credit unions you might notice that some are referred to as federal credit unions and others are not.