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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.)
The track record is clear: Since the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) were founded, no bank account holder or credit union member has ever lost a penny of federally insured deposits. Currently, both the FDIC and the NCUA insure deposits of up to $250,000. But that doesnât mean you canât protect more than that with government insurance. The amount of coverage you receive ultimately depends on the types of accounts you have and whether you have a joint account holder.