Deposit or Share Insurance

Deposit or share insurance protects depositors at banks or credit unions against the loss of their deposits if the insured institution fails.  Generally, the standard deposit insurance coverage limit for each federally insured bank or credit union, is $250,000 per depositor.  Most financial institutions have deposit or share insurance that is federally provided; however, some institutions may have private deposit or share insurance. 

There are two federal agencies that provide deposit or share insurance to depository institutions.  The Federal Deposit Insurance Corporation (“FDIC”) provides deposit insurance to federally insured banks and savings associations.  More information on deposit insurance provided by the FDIC is available at www.fdic.gov/resources/deposit-insurance/index.html.  Additionally, you can research whether an institution has federally insured deposits by visiting banks.data.fdic.gov/bankfind-suite/bankfind.

The National Credit Union Administration (“NCUA”) provides share/deposit insurance to federally insured credit unions through the National Credit Union Share Insurance Fund (“NCUSIF”).  More information on share/deposit insurance administered by the NCUA is available at www.ncua.gov/support-services/share-insurance-fund.  Additionally, you can research whether an institution has share/deposit insurance administered by the NCUA by visiting www.mycreditunion.gov/about-credit-unions/credit-union-locator.