Federal insurance covers credit unions, too:
All Michigan credit unions are federally insured by a fund that, like the FDIC, is backed by the full faith and credit of the U.S. government.
The National Credit Union Share Insurance Fund (NCUSIF) insures a person's savings up to at least $100,000 -- with higher total coverage available if the member has a combination of individual, joint, trust, payable-on-death and other types of accounts; there is also separate insurance coverage of up to $250,000 for individual retirement accounts.
The NCUSIF is administered by the National Credit Union Administration (NCUA), an agency of the federal government. To determine insurance coverage, see the NCUA’s insurance estimator at: http://webapps.ncua.gov/ins/
For more information on federal share insurance, see the NCUA brochure “Your Insured Funds,” available at the link here: http://www.ncua.gov/Publications/brochures/insured_funds/funds.pdf.
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