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This provides deposit insurance for credit unions in much the same way as the FDIC provides insurance for banks. Look for the NCUA logo at your credit union's teller stations. The standard maximum limit is $250,000 per individual account holder, per federally insured credit union. (To check on whether your credit union accounts are fully covered, use NCUSIF's coverage estimator at http://webapps.ncua.gov/ins.)
OpenStudy is now Brainly! Enrico Montoyo wants to borrow $350 for 6 months from his credit union, using his savings account as security. The credit union's policy is that the maximum amount a person can borrow is 80% of the amount in the person's savings account. The interest rate is 2 percentage point higher than the interest rate being paid on the savings account.