< 1 minute read|Published by FAIRWINDS

How the NCUA Keeps Your Money Safe

NCUA insurance is crucial for peace of mind on your financial freedom journey. Here are five facts on the measures in place to protect you.

A bank vault.

One of the most important resources available to you throughout your financial freedom journey can also give you the most peace of mind: NCUA insurance. No matter which Money Milestone you’re currently on, here are five key facts to know about how your deposits are insured and the measures in place to protect you and your money.

1. What is NCUA insurance?

The NCUA (National Credit Union Administration) is an independent agency of the federal government that protects and insures deposits made to credit unions. Banks are insured by the Federal Deposit Insurance Corporation (FDIC). Deposit accounts with FAIRWINDS are federally insured by the NCUA.

2. How much are deposits insured for?

The NCUA insures up to $250,000 per depositor per insured financial institution. These insured accounts include savings, money markets, certificates of deposit, IRAs, and checking. If a person has more than $250,000 at a single financial institution, there may be options available for additional insurance coverage. Be sure to talk to one of our experts about what’s best for your needs. You can also learn more about your insurance coverage by visiting NCUA's Share Insurance Estimator.

3. What if I share an account with someone? How does that impact coverage?

Joint accounts have their own separate coverage limit of $250,000 per co-owner.

4. How do I sign up for deposit insurance?

You don’t! When you deposit money at a financial institution that is NCUA or FDIC-insured, your deposits are automatically insured up to $250,000 per depositor. It’s important to note that funds in investment accounts or safe deposit boxes are not covered by deposit insurance. Your broker or investment advisor can assist you with questions about that specific coverage.

5. How do I know if my credit union or bank is insured?

Federally insured credit unions and banks are required to indicate their insured status typically by displaying the NCUA or FDIC logo. You can also search for your financial institution through the NCUA or FDIC websites for the complete list of insured financial institutions.

You can have confidence and peace of mind knowing that your accounts and deposits with FAIRWINDS are safeguarded to the highest levels. If you have any questions, our team of experts are always available to assist.