Is my credit union federally insured?

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Story Created: Oct 9, 2008 at 2:15 PM EST

Story Updated: Nov 24, 2008 at 5:44 PM EST

The $700 billion federal bailout bill that passed included a raise in the amount of money the federal government will insure.

Previously, customers at FDIC insured institutions were covered up to $100,000. The bailout bill raised that amount to cover up to $250,000.

Marianne Wantuch from South Bend has a Good Question: "Does that $250,000 cover National Credit Union Administration accounts as well?

The answer is yes, as long as your credit union is a member of the NCUA.

Credit unions operate under their own version of the FDIC. Theirs is called the National Credit Union Share Insurance Fund It is also backed by the government for the new $250,000 limit.

To find out if your credit union is a part of the NCUA click on the link in the Related Content box.

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