TVFCU would not accept my deposit because said I would not be insured. Are credit unions the same as banks?

Question

TVFCU would not accept my deposit because said I would not be insured. Are credit unions the same as banks?

Answer 1

Well, no, they're not the same thing as banks -- but the money that you keep on deposit in a credit union should be insured just like the money in a bank is.

Money in bank accounts is typically insured by the FDIC. The money in credit union accounts may be insured by the NCUA (National Credit Union Administration), a federal agency that regulates federally insured credit unions.

You should ask for clarification from TVFCU. According to their Web site, their funds are NCUA insured.

Would this deposit maybe have put your balance up over the maximum insured amount of $100,000? If so, the same thing would have happened at a bank.