Are Credit Unions insured by the Federal Deposit Insurance Corp. (FDIC), like banks and thrifts?
Deposits at UW Credit Union are federally insured by a fund that, like the FDIC, is backed by the full faith and credit of the U.S. government. As the FDIC does for banks, the National Credit Union Share Insurance Fund (NCUSIF) insures savings of at least up to $250,000 per account (with additional coverage of up to $250,000 for certain retirement accounts). The NCUSIF is administered by the National Credit Union Administration (NCUA), an agency of the federal government. Generally, if a credit union member has more than one account in the same credit union, those accounts are added together and insured in the aggregate. There are exceptions, though. You may obtain additional separate coverage on multiple accounts, but only if you have different ownership interests or rights in different types of accounts and you properly complete account forms and applications. To determine insurance coverage, see the NCUA's insurance estimator.
For more information on federal share insurance, see the NCUA brochure "Your Insured Funds".