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November 19, 2019

NCUA vs. FDIC: How Do They Compare?

The National Credit Union Administration (NCUA) oversees credit unions, just like the FDIC (Federal Deposit Insurance Corporation) oversees banks. If you’ve recently switched from a bank to a credit union, you might be wondering how the NCUA and FDIC compare when it comes to protecting consumers against losses.


What is the NCUA?

The National Credit Union Administration is an independent agency of the United States government, responsible for regulating, chartering, and supervising credit unions. In addition, the agency operates and manages the National Credit Union Share Insurance Fund (NCUSIF), which protects members’ deposits if a credit union fails.

As a member of MIDFLORIDA, your deposits are covered by the NCUSIF up to $250,000 per account category:

Type of Account Coverage Example

Single owner

Share, share draft (i.e. checking), and money market accounts and share certificates
$250,000 An account with one owner and no beneficiaries has $250,000 in coverage.

Joint owner

Share, share draft (i.e. checking), and money market accounts and share certificates
$250,000 per co-owner An account with two co-owners and no beneficiaries has $500,000 in coverage.

Trust accounts
Revocable and irrevocable

Generally $250,000 per owner, per beneficiary, up to 5 beneficiaries for revocable trusts

A revocable trust with one owner and 5 beneficiaries has $1,250,000 in coverage.

How does the NCUA compare to the FDIC?

The NCUA and FDIC both offer the same amounts of protection for share, share draft (i.e. checking), and money market accounts and share certificates. While some big banks have been “bailed out” by the Federal government, no credit union has ever required such assistance thanks to the NCUSIF. Neither NCUSIF or the FDIC cover losses on money invested in mutual funds, stocks, bonds, life insurance policies, and annuities offered by affiliated entities.

What if I have more funds than the NCUA insures?

The NCUA’s Share Insurance Estimator is a free tool designed to help explain NCUSIF coverage. If you’d like to see how your deposits are covered, access the tool at MyCreditUnion.gov/estimator. You can also visit a MIDFLORIDA Credit Union branch near you and one of our friendly, professional bankers will gladly answer your questions or provide more information.