NCUA Adds Share Insurance FAQs
To Internet Tool Kit
Alexandria, Va., October 1, 2008 – National Credit Union Administration (NCUA) today added responses to frequently asked questions (FAQ) to its Internet Share Insurance Tool Kit to enhance public awareness of the protection provided by the NCUA National Credit Union Share Insurance Fund.
“Adding a detailed FAQ sheet to NCUA’s arsenal of share insurance tools benefits members and credit unions by helping address many repeated questions and clarify the account protection provided by NCUA,” said Chairman Michael E. Fryzel.
The FAQ sheet is available online at http://www.ncua.gov/ShareInsurance/Index.htm. A sample of the questions addressed by the FAQ sheet includes:
- What does NCUSIF insure?
- What is not insured by NCUSIF?
- Can insurance coverage be increased by dividing and depositing funds in several different accounts?
- How does NCUA determine ownership of account funds?
The National Credit Union Administration charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, also operates and manages the National Credit Union Share Insurance Fund (NCUSIF), insuring the deposits of over 89 million account holders in all federal credit unions and the majority of state-chartered credit unions. NCUA is funded by credit unions, not federal tax dollars.
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