- A finance institution that is a participant of the National Credit Union Administration (NCUA) program. Most NCUA insured institutions are federal and state chartered credit unions and savings banks. Accounts at NCUA-insured institutions are usually insured through the National Credit Union Share Insurance Fund (NCUSIF). Accounts insured in NCUA insured institutions are savings, share drafts (checking), money markets, share certificates (CDs), Individual Retirement Accounts (IRA) and Revocable Trust Accounts. The maximum dollar amount that is insured in a NCUA institution is $250,000 per institution. In other words, a depositor with $1 million can fully insure this amount by depositing $250,000 in four different NCUA institutions.
The National Credit Union Association (NCUA) is equivalent to the Federal Deposit Insurance Corporation (FDIC). The only differences are that the NCUA deals only with credit institutions and that the NCUA uses the National Credit Union Share Insurance Fund (NCUSIF), while the FDIC uses the Deposit Insurance Fund. Both insurance funds are fully backed in good faith by the U.S. Government.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
Certificate of deposit — This article is specific to the United States. For a more general article, see Time deposit. Banking in the United States Monetary policy The Federal Reserve System Regulation Lending Credit card Deposit accounts Savings account Checking account … Wikipedia
Federal Deposit Insurance Corporation — FDIC … Wikipedia
Deposit insurance — Experiences from bank runs during the Great Depression led to the introduction of deposit insurance in the US … Wikipedia
New York State Banking Department — Past NY Banking Superintendents Superintendent Appointment Date Daniel B. St. John April 15, 1851 Marius Schoonmaker April 4, 1854 James M. Cook January 30, 1856 Henry H. Van Dyck April 16, 1861 Edward Hand (banking) August 9, 1865 Emerson W. K … Wikipedia
IBM Southeast Employees' Federal Credit Union — Infobox Company name = IBM Southeast Employees Federal Credit Union company type = Cooperative foundation = IBM Boca Raton Employees Federal Credit Union Boca Raton, Florida, (1969) location = Boca Raton, Florida, U.S. key people = industry =… … Wikipedia
USA PATRIOT Act, Title III, Subtitle A — The USA PATRIOT Act was passed by the United States Congress in 2001 as a response to the September 11, 2001 attacks. It has ten titles, with the third title ( Title III: International Money Laundering Abatement and Financial Anti Terrorism Act… … Wikipedia
Nevada Federal Credit Union — Nevada Federal Credit Union, a federally chartered credit union headquartered in Las Vegas, Nevada, is one of the largest credit unions in the state with locations in Las Vegas, Henderson, Reno, Sparks, North Las Vegas and Pahrump. It operates… … Wikipedia
Michigan Schools and Government Credit Union — Type Credit union Industry Financial services Founded 1954 Headquarters Clinton Township, Michigan, USA Number of locations … Wikipedia
Community Reinvestment Act — The Community Reinvestment Act (CRA, Pub.L. 95 128, title VIII of the Housing and Community Development Act of 1977, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial… … Wikipedia
Uninsured Certificate Of Deposit — A certificate of deposit (CD) which is not insured against losses. Due to the lack of insurance, these CDs yield a higher interest rate, as the purchaser assumes all of the risk. In the event that the financial institution that issued the CD goes … Investment dictionary