NCUAcharters and supervises federal chartered credit unions, and savers in all federal and most state chartered credit unions are insured by National Credit Union Share Insurance Fund (NCUSIF)
Even though states evaluate the financial strength of annuity carriers, and FDIC evaluates the wherewithal of banks, neither releases ratings on financial soundness. However, independent rating services do evaluate both banks and carriers and issue ratings.
The bank customer will usually find out their bank failed when they get a letter stating that another bank has taken over the accounts. When a state determines that an insurer is insolvent the state guaranty associations are activated.
