The National Credit Union Administration is an independent agency of the United States Government. The NCUA share insurance program was established by Congress in 1970 in order to insure member savings accounts of federally insured credit unions.
NCUA Insurance helps to maintain sound conditions in the credit union industry and protects those insured in the event of failure of an insured credit union due to insolvency or bankruptcy, as determined by the National Credit Union Administration Board. Members in an insured credit union do not pay for share insurance protection directly. BayPort Credit Union pays the cost of insurance through annual premiums of one-twelfth of one percent of the total amount of the member accounts.
Each member's account is automatically insured up to $250,000
What is NCUA insurance? Print
Modified on: Thu, 5 Dec, 2019 at 1:34 AM
Did you find it helpful? Yes No
Send feedbackSorry we couldn't be helpful. Help us improve this article with your feedback.