What is the difference between NCUA and FDIC insurance?
Loans
I am thinking about opening an account with a credit union. I noticed that the place isn’t FDIC insured but it has NCUA insurance. Is there a difference between the two, other than the names?
If the credit union goes under, does NCUA insurance cover 100% of my losses if my assets are under $100,000?
Are there any risks involved when dealing with a credit union?
Tags: FDIC, Insurance, Mortgages, NCUA, what is the difference, what is the difference between fdic and ncua?
They are the same thing, just insured by different agencies, and you will be covered for the same amount. NCUA is for credit unions, FDIC is for banks.
The FDIC is federal. The NCUA is private. Both protect your investments. Your credit union money is protected.
There are no special risks in dealing with a credit union..