An Introduction to Deposit Insurance and the NCUSIF
The National Credit Union Administration (NCUA) is an independent agency of the United States Government. The shares in Coast Line Credit Union are insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of NCUA.
Your share insurance is similar to deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC). Share accounts in federally insured credit unions are insured to at least $250,000, an amount equal to the insurance protection offered by the FDIC. If you would like more detailed information please visit the National Credit Union Administration web site.
Share Insurance Facts
Not one penny of insured savings has ever been lost by a member of a federally insured credit union. The federal insurance fund has several programs to help insured credit unions which may be experiencing problems, and liquidations or failures are usually done only as a last resort. If a federally insured credit union does fail, however, the NCUSIF will make any necessary payouts to the credit union's members. These payouts are usually done within 2 days from the time the credit union closes its doors.
Insured credit unions are required to deposit and maintain one percent of their insured shares and deposits in the NCUSIF.
As a member of an insured credit union, you do not pay directly for your share insurance protection. Your credit union pays into the NCUSIF based on the total amount of insured shares and deposits in the credit union.Go to main navigation