FDIC vs. NCUA??

Question

I have a good understanding of the amounts FDIC will insure a depositor. Can someone enlighten me on how the insurance coverage of NCUA (for Credit Unions) compares to the coverage of FDIC?

Answer 1

You can read all about it on their website:

http://www.ncua.gov/AboutNCUA/Index.htm

Answer 2

You can check out a bank's FDIC insurance status by going to the FDIC's Bank Find tool and typing in the name of the bank.

The reason you might not recognize many of the names on the top of the interest-rate list is because many of the banks offering the best money-market rates now are Internet-only banks. They're often able to offer such high rates because they don't have the overhead of bank branches. Some have names you'll recognize, such as huge insurance company MetLife, which now has an Internet-only bank. And ING, whose Orange Account is always near the top of the interest-rate list, is a giant international insurance company.

The majority of the nation's credit unions are federally insured by the National Credit Union Administration (NCUA), whose National Credit Union Insurance Fund provides the same coverage that FDIC does for banks and thrifts. But many credit unions carry only private insurance. If a credit union doesn't post a sign at the door or teller's window stating, "Insured by the NCUA," ask whether the institution has federal insurance or is applying for it. If the answer is no, take your money elsewhere.

Answer 3

And there also used to be FSLIC for savings and loans.

FDIC and NCUA have equal coverage.