NEW YORK ( TheStreet) -- Are credit union deposits FDIC-insured? No, but it doesn't matter. For starters, the Federal Deposit Insurance Corp. only insures deposits in banks and savings and loan associations. Federal credit unions have their own insurance fund, which is run by the National Credit Union Administration, of NCUA. When you join a credit union, you don't really make a "deposit." Instead, you become a "member" of the credit union and the dollars you put in are called "shares." If your credit union is insured by the National Credit Union Insurance Fund, or NCUSIF, your shares are insured in a similar way to the way bank deposits are insured by the FDIC. All federal credit unions are insured by the NCUSIF. State-chartered credit unions may be insured by the NCUSIF, or might have their own state insurance or private insurance. All credit unions insured by the NCUSIF are required to display the official NCUA insurance sign. The summary below covers some basic NCUA insurance scenarios, but you should double-check with your credit union if you have multiple accounts in various names, to make sure you understand how much of your shares are insured.