Are credit unions FDIC insured?
No — credit unions are insured by the NCUA, not the FDIC. Coverage is identical in practice: up to $250,000 per depositor, per institution, backed by the full faith and credit of the U.S. government. Your money is equally safe at an NCUA-insured credit union.
Credit unions are not covered by the FDIC — but that does not mean they're uninsured. They're protected by the NCUA (National Credit Union Administration) through the National Credit Union Share Insurance Fund.
| Banks | Credit unions | |
|---|---|---|
| Insurer | FDIC | NCUA |
| Coverage limit | $250,000 | $250,000 |
| Per | Depositor, per bank | Member, per credit union |
| Backed by | U.S. government | U.S. government |
Both funds carry the full faith and credit of the United States, so a dollar in an NCUA-insured credit union is exactly as safe as a dollar in an FDIC-insured bank. Look for the NCUA logo, or check each institution's insurance status on its KCBanks profile.
Related: why credit unions quote a dividend rate instead of an interest rate.