Excess Share Insurance

Savings in this credit union may be insured up to $500,000. This exceptional level of coverage is attained through a combination of federal insurance provided by the National Credit Union Administration (NCUA) and private insurance by the Excess Share Insurance Corp. (ESI).

NCUA insures individual savings accounts up to at least $250,000*. In addition, the Board of Directors has chosen to provide an additional $250,000 of savings coverage to qualifying accounts through ESI, a licensed property and casualty insurance company.

For example, if a member has a savings account, a checking account and a certificate of deposit, that when added together totals $290,000, then $250,000 is insured by the NCUA, with the remaining $40,000 insured by ESI. Deposit insurance is provided on a dollar-for-dollar basis and is payable only upon the failure and liquidation of the credit union.

*It is possible to structure combinations of accounts in such a manner that individuals may qualify for federal insurance well in excess of $250,000.  Also, IRA accounts are federally insured up to $250,000 for each individual, plus up to an additional $250,000 if the IRA is covered by ESI. Ask any Member Services Representative for additional information.