The Federal Deposit Insurance Corporation, or FDIC, has been set up to provide depositors with insurance in case the bank holding their deposit fails to honor its payment obligations.Since the FDIC's mandate is to insure only bank deposits, savings at credit unions are not protected by the FDIC. However, a different institution does provide insurance for credit union deposits.
FDIC vs NCUA
The National Credit Union Administration, or NCUA provides the same guarantees for deposits held at credit unions as the FDIC does for bank accounts. The NCUA compensates depositors up to $250,000 for individual accounts at each credit union, and up to $250,000 for each depositor’s share in case of joint accounts in each union. The limit is also $250,000 for IRAs and applies independently of deposits.
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