Passage of the Emergency Economic Stabilization Act of 2008 increases National Credit Union Administration (NCUA) coverage from $100,000 to $250,000. The increase is temporary, taking effect from Oct. 3, 2008, until Dec. 31, 2009. Funds may be insured for even more than $250,000, depending on how you establish your accounts.
Your accounts in a federally insured credit union are backed by the National Credit Union Share Insurance Fund (NCUSIF), a fund maintained by the U.S. Treasury and administered by the NCUA. Federal insurance protects your money in share savings, share draft/checking, money market, share certificate, trust, and retirement accounts.
NCUA coverage is to credit unions as FDIC, or Federal Deposit Insurance Corporation, coverage is to banks. Both funds are backed by the full faith and credit of the U. S. government.
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