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The National Credit Union Share Insurance Fund (NCUSIF) insures the accounts of million of account holders in all federal credit unions.  It is administered by NCUA and it has the full backing of the U.S. government. 
Share insurance coverage offered through NCUSIF protects members against losses if a federally insured credit union should fail. 
The NCUSIF provides all members of federally insured credit unions with $250,000 in coverage for their individual accounts.  These accounts include regular shares, share drafts (checking), money market accounts, and Term Share Certificates.
Individuals with account balances totaling $250,000 or less at the same credit union have full NCUSIF coverage.  If a person has more than $250,000 at any single credit union, several options are available  for additional coverage.

For a complete explanation of "Insured Funds", go to NCUA's website.
To access NCUA's website: 
Click here for more info

Additional Coverage
All members of federally insured credit unions have options for coverage that is separate from and in addition to the coverage available to their individual accounts.

Retirement Accounts
Members with traditional and Roth Individual Retirement Accounts (IRAs) are insured for $250,000 in the aggregate.

In addition, KEOGH retirement accounts, are also covered for $250,000 in the aggregate, separately from IRAs.

Joint Accounts
Joint accounts are savings or share draft accounts owned by two or more people who have equal rights to withdraw money from the account.
The NCUSIF provides joint account holders with $250,000 coverage for their aggregate interests at each federally insured credit union.  For example, a two person joint account has $500,000 in coverage.  This coverage is separate from and in addition to the coverage available for other accounts such as individual accounts and retirement accounts.

Trust Accounts
The NCUSIF provides separate coverage for both revocable and irrevocable trusts.  Credit unions can establish a common revocable trust payable-on-death (POD) account without additional documentation;  however, some trusts require additional, valid documentation to qualify for coverage.

Revocable Trusts
Revocable trust accounts may qualify for insurance coverage up to $250,000 per beneficiary named by the owner that is separate from the individual coverage available to the trust owner.  For example,if a person with a revocable trust for $750,000 names a spouse and two children as beneficiaries, the entire $750,000 would have separate NCUSIF coverage ($250,000 per beneficiary).
This coverage is separate from the coverage provided to the other type of accounts held by the trust's owner at the same federally insured credit union.

Irrevocable Trusts
Funds placed in an account by a trustee under an irrevocable trust have separate coverage based on the beneficial interest under such trust.  The of each beneficiary in an account (or accounts) established as an irrevocable trust has separate NCUSIF coverage of $250,000.

In cases where a beneficiary has an interest in more than one trust arrangement created by the same owner, the interests of the beneficiary
in all accounts established under such trusts are added together for insurance purposes and insured for a total of $250,000 that is separate from and in addition to the coverage the NCUSIF provides for other type of accounts.

NCUA Share Insurance Estimator
To better help you understand the protection offered by NCUSIF,
CLICK HERE: Share Insurance Estimator



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