Federal Deposit Insurance

From the National Credit Union Administration (NCUA)

UW Credit Union is a state-chartered, federally insured financial institution. Most people are familiar with the FDIC, which insures the deposits of banks. Members of federally insured credit unions, like UW Credit Union, also enjoy the same level of protection on their deposits as those provided by the FDIC.

  • Deposits at UW Credit Union are federally insured by a fund that, like the FDIC, is backed by the full faith and credit of the U.S. government.
  • As the FDIC does for banks, the National Credit Union Share Insurance Fund (NCUSIF) insures savings of at least up to $250,000 per account (with separate coverage of up to $250,000 for certain retirement accounts). The NCUSIF is administered by the National Credit Union Administration (NCUA), an agency of the federal government.

Generally, if a credit union member has more than one account in the same credit union, those accounts are added together and insured in the aggregate. There are exceptions, though. You may obtain additional separate coverage on multiple accounts, but only if you have different ownership interests or rights in different types of accounts and you properly complete account forms and applications. To determine insurance coverage, see the NCUA's insurance estimator.

The NCUA  reports that the NCUSIF is strong, with an equity-to-insured deposits ratio well above its statutory minimum. For more information on federal share insurance, see the NCUA brochure "Your Insured Funds".

Remember, if the total balances of all your UW Credit Union accounts are $250,000 or less, you can be confident your accounts are fully covered by federal deposit insurance. If the total balances of all your UW Credit Union accounts exceed $250,000, federal deposit insurance coverage on the amount over $250,000 is possible, but depends on a number of factors. Please contact a UW Credit Union representative if you have questions about maximizing the benefits of federal deposit insurance.