Is the National Credit Union Share Insurance Fund (NCUSIF) similar to the FDIC, which covers banks and savings and loan institutions? How strong is it?
The deposit insurance provided by the NCUSIF, like that provided by the FDIC, is backed by the full faith and credit of the United States government. Like the FDIC, the NCUSIF provides each depositor with insurance up to $100,000. Not one penny of insured savings has ever been lost by a member of a federally insured credit union.
