About the National Credit Union Share Insurance Fund (NCUSIF)
As a not-for-profit financial institution, First Entertainment is required to provide deposit account insurance. Member savings accounts including First500 Savings, Money Market and Certificate accounts are insured up to at least $250,000 by the National Credit Union Administration (NCUA). The NCUA is an independent agency of the United States Government.
Commonly Asked Questions Regarding Credit Union Federal Deposit Insurance
Is an IRA with First Entertainment covered by the credit union's share insurance?
Yes. An Individual Retirement Account (IRA) is insured separately up to $250,000 from other accounts that a member may have at the credit union.
Is the NCUSIF the same as a bank's FDIC coverage?
The NCUSIF does the same thing for credit union shares as the Federal Deposit Insurance Corporation (FDIC) does for bank deposits. Both are responsible for providing the insurance and both types of coverage are backed by the full faith and credit of the U.S. Government. It's important to note that not one penny of insured savings has ever been lost by a member of a federally insured credit union.
How much coverage does each credit union member have?
Individual accounts are insured up to $250,000 in the aggregate - the same as with FDIC coverage. For example, if a member has a First500 Savings, Checking and Certificate account in one name alone, the funds in the accounts would be added together and insured for a total of up to $250,000. Deposits maintained in different legal ownership categories may each be separately insured. Individual, joint ownership and trust accounts are the three most common types.
Are deposits in different credit unions insured separately?
Yes. If a member has accounts in several different insured credit unions, the maximum of $250,000 is applicable to deposit accounts in each insured credit union. When a credit union has multiple branches (as does First Entertainment), the main office and all branch offices are considered as one credit union.
RESOURCES TO HELP YOU UNDERSTAND THE NCUSIF AND YOUR COVERAGE