State-chartered credit unions are often insured by
A)NCUSIF.
B)FDIC.
C)SAIF.
D)MSB.

Question

Quizplus · Accepted Answer

NCUSIF (National Credit Union Share Insurance Fund) is the federal insurance fund that protects deposits at federally insured credit unions. Many state-chartered credit unions opt to participate in NCUSIF for deposit insurance. FDIC (Federal Deposit Insurance Corporation) insures deposits at federally insured banks, not credit unions. SAIF (Savings Association Insurance Fund) is a defunct insurance fund that used to insure deposits at savings and loans associations before it merged with the Bank Insurance Fund to form the Deposit Insurance Fund. MSB (Money Services Business) is a term used to describe entities that provide certain financial services like money transfers, check cashing, and currency exchanges. It is not related to credit union insurance.

State-Chartered Credit Unions Are Often Insured by