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How are Financial Institutions Insured?


How are banks and credit unions insured and to what degree is my money protected should my financial institution fail?


Your money is insured up to the exact same levels whether it is deposited at a bank or a credit union. In fact, banks and credit unions are regulated in almost exactly the same way, but by two separate entities.

Banks are insured and regulated by the Federal Deposit Insurance Corporation (FDIC) and credit unions are insured and regulated by the National Credit Union Administration (NCUA). Both insurers provide the same amount of insurance to depositors, typically $250,000 for core deposits (savings accounts, checking accounts, money market accounts, and certificates of deposit).

While these numbers are the most widely known, there are many ways to obtain additional levels of federal insurance through your financial institution. Both websites, and, have sections devoted to better understanding and calculating the levels of insurance available to you and your family.

National Police Credit Union Contact:

For more information on National Police Credit Union, please visit our website or call 844.COP.SAVE.

To join National Police Credit Union, or if you have immediate family members who are interested in becoming members, please use our application.

This article was written by Scott Arney, CEO, Chicago Patrolmen’s Federal Credit Union. This article is part of Scott Arney’s educational series, entitled The Serial Decision Maker.


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