Is NCUA as good as FDIC?
The only difference is the NCUA insures credit union deposits whereas the FDIC insures bank deposits. Other than that, the two work similarly. If a credit union should happen to fail, the NCUA will pay insured deposits to the member owning the account. The same goes for a bank.
How much money is insured by the NCUA?
The NCUA insures up to $250,000 per depositor, per institution, per ownership category. “Ownership category” refers to account type, usually single or joint. If you have a single and a joint account at the same institution, both are insured up to the $250,000 limit.
How do you know if a credit union is legit?
A credit union should be insured by the National Credit Union Administration, so you'll see the words "Federally Insured by the NCUA" on the website. You can also check a company's insurance status on the FDIC and NCUA websites.
Is NCUA legit?
Created by the U.S. Congress in 1970, the National Credit Union Administration is an independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and charters and regulates federal credit unions.