NCUSIF is the National Credit Union Share Insurance Fund. It insures money in federally insured credit unions up to $250,000 per member, for each ownership category, and it is backed by the full faith and credit of the United States. You do not apply for it. It starts automatically when you join a federally insured credit union.
This page explains what that means in practice: what the $250,000 limit counts, which accounts are covered, what is not, how to check that your credit union is insured, and one rule change for trust accounts that takes effect on December 1, 2026. The federal agency that runs NCUSIF is the NCUA. For a decision about your own accounts, use the NCUA's estimator or call the NCUA's insurance line, both linked below.
What NCUSIF is
The NCUA's Share Insurance Fund Overview says the fund "was created by Congress in 1970 to insure members' deposits in federally insured credit unions" and is administered by the NCUA. The NCUA's coverage page says it is "similar to deposit insurance coverage provided by the Federal Deposit Insurance Corporation" (the FDIC), which insures bank deposits.
Credit unions call member deposits "shares," which is why the product is called share insurance. NCUA says share insurance covers "many types of share deposits received at a federally insured credit union, including deposits in a share draft account, share savings account, or time deposit such as a share certificate."
Three points matter most:
- Automatic. MyCreditUnion.gov says members "do not need to apply for share insurance coverage as it is provided automatically when they join a federally insured credit union."
- A floor of $250,000. MyCreditUnion.gov says "each credit union member has at least $250,000 in total coverage for share accounts held at a federally insured credit union." The word "at least" matters, because the limit applies to each ownership category, not to you as a person.
- Per credit union. The coverage limits apply to the total of your shares at each federally insured credit union. Money at two different federally insured credit unions is insured separately at each.
How the $250,000 limit works
NCUA's rules set the "standard maximum share insurance amount" at $250,000. In 12 CFR 745.1 it is defined as "$250,000 adjusted pursuant to" the Federal Deposit Insurance Act, so the number can in principle change by law. It is $250,000.
The NCUA's coverage page lists the common ownership types:
| Ownership category | What the NCUA says |
|---|---|
| Single ownership (one owner, no beneficiaries) | $250,000 per member-owner |
| Joint ownership (two or more people, no beneficiaries) | $250,000 per owner, with the primary owner a member of the credit union. The NCUA's overview adds that a member's interest in all joint accounts combined is insured up to $250,000 |
| IRAs and certain other retirement accounts | $250,000 per member-owner, insured separately from other accounts |
| Revocable trust accounts | Each owner is insured up to $250,000 for each eligible beneficiary named, subject to limits |
| Irrevocable trust accounts | Each owner is insured up to $250,000 for each beneficiary, subject to limits, if all owners or all beneficiaries are members |
All your single-ownership accounts at one credit union are added together. The federal rule (12 CFR 745.3) says "funds owned by an individual and deposited in one or more accounts in the individual's own name shall be insured up to the SMSIA in the aggregate." In plain terms: a savings account and a checking account in your own name at the same credit union count as one pool of $250,000, while an IRA at the same credit union is a separate pool.
Why the category matters
Because the limit applies by category, the same person can be insured for more than $250,000 at one credit union by holding money in different categories, such as single, joint and retirement accounts. NCUA does not tell members to do this. It is how the rule works. The records matter, too. 12 CFR 745.2 says the credit union's account records "shall be conclusive as to the existence of any relationship" used for a claim, and that "no claim for insurance based on such a relationship will be recognized in the absence of such disclosure." If you rely on a beneficiary or trust, make sure the credit union's records show it.
What is covered and what is not
Covered. NCUA names share draft accounts, share savings accounts, and time deposits such as share certificates. A share draft account is the credit union's version of a checking account. NCUA says coverage is "dollar-for-dollar, including principal and any posted dividends through the date of the insured credit union's closing, up to the insurance limit."
Not covered. NCUA says it does not insure money invested in stocks, bonds, mutual funds, life insurance policies, annuities or municipal securities, "even if these investment or insurance products are sold at a federally insured credit union." It also does not insure safe deposit boxes or their contents, and its coverage page states it does not insure digital assets such as cryptocurrencies. Credit unions that sell investment or insurance products must disclose that they are not insured by the NCUA, are not deposits and are subject to investment risk, including loss of the principal invested.
Federally insured or privately insured
Not every credit union is covered by NCUSIF. MyCreditUnion.gov says:
- Federal credit unions are regulated and insured by the NCUA.
- State-chartered credit unions "are regulated by the state supervisory authority" and "may or may not be insured by NCUA."
- Some deposits at state-chartered credit unions "are insured by private insurers," and these private insurers provide "non-federal share insurance coverage of deposits that are not backed by the full faith and credit of the United States government."
If the credit union you are looking at is state-chartered, check which kind of insurance it has before you deposit.
How to check that your credit union is insured
- Look for the sign. NCUA says every federally insured credit union must display the official NCUA insurance sign at each teller station and where it accepts deposits, and on its website where it accepts deposits or opens accounts.
- Use the NCUA's own search. MyCreditUnion.gov has a "Find a Credit Union" tool, and NCUA says it is "important that members confirm their credit union is federally insured by visiting the NCUA's Credit Union Locator tool." Start from the share insurance page on MyCreditUnion.gov.
- Work out your own coverage. The NCUA's Share Insurance Estimator can be used for personal, business or government accounts.
- Ask. For coverage questions, NCUA lists 1-800-755-1030, option 1, Monday to Friday, 8 a.m. to 5 p.m. Eastern, and [email protected].
MyCreditUnion.gov adds that "a credit union may not end its federal insurance without first notifying its members."
What changes on December 1, 2026
MyCreditUnion.gov says the share insurance rules on its site "are current through November 30, 2026." The NCUA approved changes on September 19, 2024 to the rules for revocable and irrevocable trust accounts, and they take effect December 1, 2026.
According to the NCUA's trust rule fact sheet:
- Revocable and irrevocable trust accounts are combined into one "trust accounts" category.
- Each owner's trust shares are insured "up to $250,000 multiplied by the number of trust beneficiaries up to a maximum of $1,250,000 per federally insured credit union."
| Unique beneficiaries | Maximum coverage per trust owner |
|---|---|
| 1 | $250,000 |
| 2 | $500,000 |
| 3 | $750,000 |
| 4 | $1,000,000 |
| 5 | $1,250,000 |
The NCUA says that for most members with trust deposits under $1,250,000 it expects coverage levels to be unchanged. The new rule "may reduce coverage" for members who have placed more than $1,250,000 per member owner in trust deposits at one federally insured credit union. The fact sheet's test: the change affects you if you have both a revocable and an irrevocable trust account at the same federally insured credit union, or if you have beneficiary accounts (not counting IRAs) with a combined balance above $1,250,000 for one owner or $2,500,000 for two. MyCreditUnion.gov also suggests that members review the new rules for time deposits such as share certificates with maturities beyond December 1, 2026. If this could apply to you, read the NCUA's fact sheet and ask your credit union.
NCUSIF and FDIC insurance compared
| NCUSIF (credit unions) | FDIC deposit insurance (banks) | |
|---|---|---|
| Run by | National Credit Union Administration | Federal Deposit Insurance Corporation |
| Created | 1970 | 1933 (FDIC says it was founded then) |
| Standard limit | $250,000 per member-owner, per ownership category, per credit union | $250,000 per depositor, per ownership category, per bank |
| Backing | Full faith and credit of the United States | Full faith and credit of the United States |
| Covers | Shares, share drafts and share certificates | Checking, savings, money market and CDs |
| Does not cover | Stocks, bonds, mutual funds, annuities, life insurance, municipal securities, safe deposit boxes, crypto | Stocks, bonds, mutual funds, annuities, life insurance, municipal securities, safe deposit boxes, crypto assets |
| How to check | NCUA Credit Union Locator and the official sign | FDIC BankFind Suite |
The two programmes have the same standard limit and the same ownership-category idea. The FDIC says it "insur[es] deposits to at least $250,000 per depositor, per ownership category at each FDIC-insured bank." Its BankFind Suite is the tool for banks. If you hold money at both a credit union and a bank, the two are separate: NCUSIF insures the credit union and the FDIC insures the bank. For the wider comparison, see credit union vs bank.
The $250,000 figure and the trust rules are set by regulation and can change, so use the NCUA's pages for the current version. How the rules apply to you depends on how each account is titled and recorded. The rules for filing a claim after a credit union fails are in federal law (12 U.S.C. 1787) and NCUA guidance.
Frequently Asked Questions
What does NCUSIF stand for?
The National Credit Union Share Insurance Fund. It was created by Congress in 1970 to insure member share accounts at federally insured credit unions, and it is administered by the NCUA.
How much does NCUSIF insure?
At least $250,000 per member, per ownership category, per federally insured credit union. NCUA lists single, joint, retirement and trust categories. Joint accounts are insured up to $250,000 per owner.
Are credit unions as safe as banks?
Both are covered by deposit insurance backed by the full faith and credit of the United States, with the same standard limit, as long as the credit union is federally insured and the bank is FDIC-insured. NCUA describes NCUSIF as "similar to" FDIC coverage.
Are all credit unions federally insured?
No. State-chartered credit unions may be insured by NCUA or by a private insurer. Privately insured coverage is not backed by the full faith and credit of the United States. Check with the NCUA's locator.
Do I need to apply for NCUSIF coverage?
No. It is provided automatically when you join a federally insured credit union.
Is my money in a share certificate insured?
Yes, share certificates are time deposits that NCUA lists as covered, up to the limit, including principal and any posted dividends through the date of the credit union's closing. Check certificates that mature after December 1, 2026 if they are in a trust account.
Does NCUSIF cover my investments at a credit union?
No. NCUA does not insure stocks, bonds, mutual funds, annuities, life insurance policies or municipal securities, even if they are sold at a federally insured credit union.
What changes on December 1, 2026?
The NCUA's trust rule combines revocable and irrevocable trust accounts into one category, with coverage of $250,000 per beneficiary up to a maximum of $1,250,000 per owner per credit union. For most members it expects no change.
Where to go next
- Credit Union vs Bank: the full comparison and a switching checklist
- Largest Credit Unions in the US: the biggest by assets and members
- What Is a Credit Union?: how credit unions work
- Credit Unions Anyone Can Join: check which ones you can join
- Cooperative vs Credit Union: how the two relate
References & further reading
- 1.Share Insurance Coverage — National Credit Union Administration
- 2.Share Insurance Fund Overview — National Credit Union Administration
- 3.Share Insurance — MyCreditUnion.gov (NCUA)
- 4.Trust Rule Fact Sheet: Changes in NCUA Share Insurance Coverage — MyCreditUnion.gov (NCUA)
- 5.12 CFR Part 745, Share Insurance (745.1 to 745.4) — Legal Information Institute, Cornell Law School
- 6.Understanding Deposit Insurance — Federal Deposit Insurance Corporation
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