October 10, 2008

Check the NCUA to make sure your Credit Union is insured.

WE've heard a lot of news lately about the FDIC. The financial folks have given frequent reminders that we should make sure our bank accounts are federally insured by the FDIC. But what if your money is in a credit union instead of a bank?

The NCUA or National Credit Union Association is a government agency that insures credit unions in the same way that the FDIC insures banks. The current insurance level is $250,000. From the NCUA FAQ they say :
" NCUA -- short for the National Credit Union Administration -- is an independent federal government agency that charters and supervises federal credit unions and insures accounts in federal and most state-chartered credit unions across the country through the National Credit Union Share Insurance Fund (NCUSIF), a federal fund backed by the full faith and credit of the United States government."

So if you use a credit union then make sure they are NCUA insured. You can search the NCUA database here to check and see if your credit union is insured.

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