What happens to your money when a credit union closes?
When a federally insured credit union is closed due to insolvency, the National Credit Union Administration steps in immediately to protect member deposits. Similar to FDIC bank insurance, the National Credit Union Share Insurance Fund guarantees member savings up to $250,000 per individual depositor per insured credit union. The NCUA typically arranges a purchase and assumption agreement with another healthy financial institution, ensuring members regain full access to their insured funds and active accounts within days. For accounts exceeding the $250,000 coverage limit, uninsured portions depend on asset recovery liquidation outcomes.
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