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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.)
Yes, you have coverage up to $250,000, but that doesn't mean every account you have is insured for that much. Instead, coverage is based on how the accounts are owned. The maximum amount of coverage for single accounts at one bank is $250,000.