How are Banks and Credit Unions Insured?
Many people wonder, “How are banks and credit unions insured and to what degree is my money protected should my financial institution fail?”
Your money is insured up to the exact same levels whether it is deposited at a bank or a credit union. In fact, banks and credit unions are regulated in almost exactly the same way, but by two separate entities.
Banks are insured and regulated by the Federal Deposit Insurance Corporation (“FDIC”) and credit unions are insured and regulated by the National Credit Union Administration (“NCUA”).
Both insurers provide the same amount of insurance to depositors,
typically $250,000 for core deposits (savings accounts, checking accounts, money market accounts, and certificates of deposit).
Scott Arney
Chief Executive Officer
Chicago Patrolmen’s Federal Credit Union
Don’t forget, members of the Credit Union enjoy free and confidential Credit Counseling and Financial Planning through our Financial Planning and Education Center. We are here to assist you every step of the way.
