How does share insurance protect my money?

NCUSIF coverage works just like FDIC insurance for depositors in banks or savings and loan associations. It assures you that your deposits are safe up to $250,000. No money has ever been lost by a member of a federally-insured credit union.

How will this affect my coverage if I have multiple accounts?

It is possible to have more than $250,000 of deposit insurance coverage depending on the type of accounts, ownership of the accounts, and location of accounts.  

  • All share accounts held by one person are added together and are insured up to $250,000.
  • IRA accounts are insured separately up to $250,000.
  • All joint accounts owned by the same combination of individuals are added together and are insured up to $250,000 per account owner (example: a joint account with two owners is insured for $500,000).
  • All revocable trusts are insured up to $250,000 for each beneficiary (example: if the owner of a revocable trust names two beneficiaries, the account is insured for up to $500,000). 
  • All irrevocable trusts are insured separately for up to $250,000
  • Accounts held at different credit unions (excluding different branches of the same credit union) are considered as separate accounts and insured up to $250,000.

How much will this insurance cost me?

You pay nothing for NCUSIF insurance protection! If you have any concerns regarding the safety of your funds, please contact your credit union.


To learn more, check out this brochure or calculate your share insurance estimate courtesy of (an official website of the United States government).

Have a question?

Call or text: 906.482.5005
Visit: 700 E Sharon Ave., Houghton, MI 49931