SOFCU | Information Desk | About Us | National Credit Union Share Insurance Fund (NCUSIF)

National Credit Union Share Insurance Fund (NCUSIF)

The share insurance at SOFCU is similar to deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC). Individual savings accounts in federally insured credit unions are insured up to $250,000, an amount equal to the insurance protection offered by the FDIC. Generally, if a person has more than one account the insurance may be limited to $250,000 depending on the way the account was set up.

The amounts in the different accounts may be added together and insured for $250,000.
There are exceptions, however, when additional coverage applies.
Your IRA is insured additionally up to $250,000.

The NCUA insurance booklet available at any SOFCU office gives a more detailed explanation of additional insurance coverage.

As a member of SOFCU, you do not pay directly for your share insurance protection. SOFCU pays into the NCUSIF a deposit based on the total amount of insured shares in the Credit Union.