Why aren’t Credit Unions insured by the Federal Deposit Insurance Corp. (FDIC), like banks and thrifts?
All Credit Unions are federally insured by the National Credit Union Share Insurance Funds (NCUSIF), which is administered by the National Credit Union Administration (NCUA). The fund is backed by the full faith and credit of the U.S. government. Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the National Credit Union Administration (NCUA), a U.S. Government Agency. Security Credit Union is a not-for-profit financial cooperative, owned and operated by the members.