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This provides deposit insurance for credit unions in much the same way as the FDIC provides insurance for banks. Look for the NCUA logo at your credit union's teller stations. The standard maximum limit is $250,000 per individual account holder, per federally insured credit union. (To check on whether your credit union accounts are fully covered, use NCUSIF's coverage estimator at http://webapps.ncua.gov/ins.)
Congress wanted to assure consumers that their funds were safe in the nation's FDIC-insured banks and NCUA-insured credit unions. The $250,000 coverage is per depositor, per institution. If you have $300,000 you want insured in deposit accounts at Bank of America, you can't simply divide it among a couple of branches.