Are the funds in my account insured?
Yes. Member funds in City CU accounts are federally protected by the National Credit Union Insurance Fund (NCUSIF) which is administered by NCUA, the National Credit Union Association.
The National Credit Union Share Insurance Fund (NCUSIF) is a federally insured program that protects deposits help at credit unions in the United States.
- Coverage Limit: NCUSIF provides coverage for up to $250,000 per depositor, per insured credit union. This means that if you have accounts at multiple credit unions, each credit union's accounts will be insured separately up to $250,000 per account holder.
- Accounts Covered: The NCUSIF provides coverage for a wide range of accounts, including savings accounts, checking accounts, share certificates, and money market accounts.
Joint Accounts: Joint accounts are insured separately for up to $250,000 per account holder. This means that if two people share an account, they can each be insured for up to $250,000, giving them a total of $500,000 in coverage.
Non-Interest-Bearing Accounts: Certain non-interest-bearing transaction accounts, such as checking accounts, are insured up to $250,000 per account holder.
- Insurance Protection: The NCUSIF is backed by the full faith and credit of the United States government, which means that deposits held at insured credit unions are backed by the government's ability to repay the insured amount
In summary, the NCUSIF provides insurance protection to depositors at credit unions in the United States, up to a maximum of $250,000 per depositor, per insured credit union. The program covers a wide range of accounts and is backed by the full faith and credit of the United States government.