Are my accounts federally insured?

A credit union (CU) is a nonprofit, cooperative financial institution owned and run by member-owners to provide a safe place to save and borrow money at reasonable rates.

Unlike a bank or other for-profit financial institution, a CU gives its profits back to its members in the form of higher account rates, lower loan rates, lower service fees and other valuable services. Like a bank, the Federal Government insures deposits for CUs. The National Credit Union Share Insurance Fund (NCUSIF) is the federal fund created by Congress in 1970 to insure members' accounts at CUs up to the federal limit.

Administered by the National Credit Union Administration, the NCUSIF is backed by the "full faith and credit" of the U.S. government. To join a CU, you must be eligible for membership as determined by the CU's charter. Most CUs are organized to serve people in a particular community, group or groups of employees or members of an organization or association.