ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -NCUA also operates and manages the National Credit Union Share Insurance Fund (NCUSIF). Backed by the full faith and credit of the U.S. government, the NCUSIF insures the accounts of millions of account holders in all federal credit unions and the vast majority of state-chartered credit unions.

Detailed explanation-2: -Accounts insured in NCUA-insured institutions are savings, share drafts (checking), money markets, share certificates (CDs), Individual Retirement Accounts (IRA) and Revocable Trust Accounts. The maximum dollar amount that is insured in an NCUA institution is $250, 000 per institution.

Detailed explanation-3: -A credit union is a not-for-profit financial institution that accepts deposits, make loans, and provides a wide array of other financial services and products.

Detailed explanation-4: -(ɛn si yu eɪ) or National Credit Union Administration. abbreviation. (Finance: Banking) The NCUA is a US government agency that monitors federal credit unions. The NCUA charters and examines the books of federally chartered credit unions and imposes restrictions on assets they can hold.

Detailed explanation-5: -Deposit insurance is one of the significant benefits of having an account at an FDIC-insured bank-it’s how the FDIC protects your money in the unlikely event of a bank failure. The standard insurance amount is $250, 000 per depositor, per insured bank, for each account ownership category.