The vast majority of banks, including online-only banks, offer deposit customers FDIC insurance.An online bank that’s FDIC-insured has the same FDIC coverage as a brick-and-mortar bank. If you open an account with an FDIC-insured bank, you are automatically enrolled in the federal insurance.It’s rare for a bank not to have FDIC insurance, but there are exceptions. Bank of North Dakota, for example, is not FDIC-insured. Instead, it is backed by the full faith and credit of the State of North Dakota.Credit unions are regulated differently from banks and have their own federal deposit insurance through the National Credit Union Share Insurance Fund (NCUSIF). The fund was created by Congress in 1970 to insure deposits in member credit unions.It’s administered by the National Credit Union Administration (NCUA), which charters, regulates and monitors federal credit unions. The insurance is similar to what the FDIC provides, with a $250,000 cap for each account and owner.