Deposit Account Insurance
NCUA versus FDIC
All SCCU Deposits are federally insured by the National Credit Union Administration (NCUA) up to $100,000.
The National Credit Union Administration (NCUA) is an independent agency of the U.S. Government. NCUA regulates, charters and insures the nation’s federal credit unions. In addition, NCUA insures state–chartered credit unions, like Space Coast Credit Union, that desire and qualify for federal insurance.
The National Credit Union Share Insurance Fund (NCUSIF), an arm of the NCUA, insures your funds.
What is an NCUSIF–insured financial institution?
Congress established the NCUSIF in 1970 to insure member share accounts at all federally chartered credit unions and most state chartered credit unions. NCUSIF insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC). The NCUSIF is managed by NCUA under the direction of the three-person NCUA Board appointed by the President of the United States.
How does NCUSIF share insurance protect credit union members against loss?
Each credit union approved for NCUSIF share insurance must meet high standards of safety and soundness in its operation. Adherence to these standards is determined regularly through credit union examinations by federal and state examiners. If an insured credit union gets into financial difficulties and must be closed, the NCUSIF acts immediately to protect each member’s share account.
Note: Not one penny of insured savings has ever been lost by a member of a federally insured credit union.
If a federally insured credit union does fail, the NCUSIF usually makes necessary payments within 2 days from the time the credit union closes its doors.
