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 levels similar to FDIC insurance: $100,000 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.
Note: The Emergency Economic Stabilization Act of 2008 increased coverage limits to $250,000 on all accounts until December 31, 2013.
NCUSIF insurance generally pays benefits within a few business days.
Further reading:
Examples:
My savings are NCUSIF insured.
