Your deposit accounts in this credit union are insured up to $500,000. This exceptional coverage is achieved through a combination of federal insurance, provided by the National Credit Union Administration (NCUA), and private insurance from Excess Share Insurance Corporation (ESI).
NCUA’s federal coverage insures credit union members’ deposits up to $250,000. Accounts may be structured in different ways — such as joint, payable-on-death or IRA accounts — to achieve federal coverage of more than $250,000.
Accounts exceeding the maximum coverage provided by NCUA are also insured up to an additional $250,000 by ESI. For example, if you have a regular savings (share) account, checking (share draft) account and certificate of deposit (share certificate) that collectively add up to $500,000, $250,000 of those funds will be insured by the NCUA, and the remaining $250,000 will be insured by ESI.
To be eligible for excess coverage, the credit union must comply with ESI’s rigid underwriting standards. Also, ESI’s insurance policy requires that every quarter the credit union submit financial statements and a listing of accounts eligible for excess coverage in order to continue coverage. Individual policies are not provided to members, and there is no direct cost to you for this coverage.
Coverage Per Member With Excess Insurance*
All individual savings, checking and certificates of deposit accounts held by the same member are added together and insured up to $250,000 by NCUA and an additional $250,000 by ESI, for a total of $500,000.
All IRA accounts held by the same member are added together and insured up to $250,000 by NCUA and an additional $250,000 by ESI, for a total of $500,000.
All joint accounts held by the same member are added together and insured up to $250,000 by NCUA and an additional $250,000 by ESI, for a total of $500,000.
For details about federal deposit insurance, or how to structure your accounts to qualify for greater federal coverage, please check with your credit union or contact NCUA.
Headquartered in Dublin, Ohio, ESI is a wholly-owned subsidiary of American Share Insurance, a credit union-owned private deposit insurer founded in 1974. As a property and casualty insurer, ESI is subject to licensing and regulation by your state’s insurance department. The company’s financial statements are audited annually by an independent CPA firm and are available upon request through the credit union.
Excess Share Insurance Corporation is not a federal or state government agency.