The shares in your 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 up to $100,000, an amount equal to the insurance protection offered by the FDIC. Generally, if a credit union member has more than one account in the same insured credit union, those accounts are added together and are insured up to $100,000. IRA and Deferred Compensation accounts are insured separately up to $250,000. The NCUA Insurance booklet, available at any branch location, gives a more detailed explanation of insurance coverage.

Insured credit unions are required to deposit and maintain 1% of their insured shares in the NCUSIF. The fund is currently at the strongest and best reserved level in its history. Historically, deposit insurance funds strive for a ratio of equity to insured savings of a least 1%. NCUSIF ration of equity to insured savings ranges from 1.25% to 1.30%.

As a member of Tucoemas Federal Credit Union, you do not pay directly for your share insurance protection. Tucoemas Federal Credit Union pays into the NCUSIF a deposit based on the total amount of insured shares in the Credit Union.