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National Credit Union Share Insurance Fund (NCUSIF)


Definition: National Credit Union Share Insurance Fund (NCUSIF) is a government backed insurance fund for credit union deposits similar to FDIC insurance for banks.

The NCUSIF is managed by the National Credit Union Administration (NCUA). To date, the fund has been financed only by credit unions themselves -- no government funds have been deposited to the insurance fund.

NCUSIF coverage has limits similar to FDIC insurance: $250,000 per individual, and $250,000 for retirement accounts. However, NCUSIF treats Keoghs as separate from other retirement accounts so you can enjoy up to $500,000 of coverage if your retirement accounts are structured properly. Make sure you keep your accounts below those limits -- otherwise you could lose money if your credit union fails.

Note: The Dodd-Frank Wall Street Reform and Consumer Protection Act permanently increased coverage limits to $250,000 on all insured accounts as of July 22, 2010.

NCUSIF insurance generally pays benefits within a few business days.

Further reading:

Examples: My savings are NCUSIF insured.

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