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Simple English definitions for legal terms

National Credit Union Share Insurance Fund (NCUSIF)

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A quick definition of National Credit Union Share Insurance Fund (NCUSIF):

The National Credit Union Share Insurance Fund (NCUSIF) is a program that helps protect people's money if their credit union fails. It was created in 1970 and is run by the National Credit Union Administration (NCUA). The NCUSIF insures deposits made by credit union members, which means that if a credit union fails, the NCUSIF will pay back the insured deposits. The NCUSIF is funded by participating credit unions and provides insurance coverage for individual accounts, joint accounts, IRAs, KEOGHs, and trusts. It does not cover losses on investments in mutual funds, stocks, bonds, life insurance policies, or annuities. The NCUSIF is backed by the United States government and no member has ever lost money from accounts insured by the NCUSIF.

A more thorough explanation:

The National Credit Union Share Insurance Fund (NCUSIF) is a program created in 1970 by the National Credit Union Administration (NCUA) to protect members of federally insured credit unions against losses in case of a credit union failure. The NCUSIF is funded by participating credit unions and provides insurance coverage for deposits made by credit union members.

  • Insures individual member accounts up to $250,000 per individual depositor. This includes regular shares, share drafts, money market accounts, and share certificates.
  • Insures joint accounts and provides each joint account holder with $250,000 coverage for their aggregate interests at each federally insured credit union.
  • Provides separate insurance for traditional and Roth IRAs up to $250,000 in the aggregate at each credit union.
  • Provides separate insurance for KEOGH up to $250,000 in the aggregate at each credit union.
  • Provides separate insurance for revocable and irrevocable trusts. For revocable trusts, the coverage may be of up to $250,000 per beneficiary named by the owner. For irrevocable trusts, each beneficiary in an account may have separate coverage of up to $250,000.

These examples illustrate the different types of accounts and trusts that are covered by the NCUSIF and the maximum amount of insurance coverage provided for each type of account. The NCUSIF does not cover losses on money invested in mutual funds, stocks, bonds, life insurance policies, and annuities offered by affiliated entities.

The NCUSIF is backed by the full faith and credit of the United States government, which means that credit union members are guaranteed to receive their insured deposits in case of a credit union failure. According to the NCUA, no member has ever lost a penny from accounts insured by the NCUSIF.

National Credit Union Administration (NCUA) | National Federation of Independent Business v. Sebelius (2012)

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join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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