Extra peace of mind knowing your deposits are safe!
When you deposit your hard-earned savings, it’s important to know that your money is safe. At Education Credit Union, your accounts are guaranteed up to $250,000 in NCUA coverage with the potential to be covered even more with Excess Share Insurance coverage depending on account ownership structure.
Understanding how this coverage works can help you feel confident about where you keep your money. So what is NCUA and ESI insurance? We’re glad you asked.
NCUA coverage
The National Credit Union Administration (NCUA) is the independent agency of the federal government that administers the Share Insurance Fund. Like FDIC’s Deposit Insurance Fund for many banks, the NCUA’s Share Insurance Fund is a federal insurance fund backed by the full faith and credit of the United States government. The Share Insurance Fund insures member savings at Education Credit Union (ECU) up to $250,000 on single ownership accounts. This could be more depending on account ownership structure. You’ll see this noted in our offices and on our materials with the statement: “Federally insured by the NCUA.”
Added ESI Insurance
ESI is a wholly-owned subsidiary of American Share Insurance (ASI), a credit union-owned private deposit insurer founded in 1974 by credit unions, for credit unions. ECU also provides Excess Share Insurance (ESI) for our members up to $250,000 on single ownership accounts. This means on a single ownership account, you can feel confident that your funds on deposit at ECU are insured up to $500,000 with NCUA and ESI insurance coverage.
Earn more!
It’s easy to leave money sitting in a cash app or your Venmo, but that cash usually isn’t working for you. It also likely does not carry the same protections your ECU accounts have. Moving funds to a deposit account at a credit union helps your money grow with dividends — and keeps it safe with federally insured protection!
Your financial security matters to us. That’s why we’re proud to offer this enhanced level of protection — automatically and at no additional cost — to our member-owners.
NCUA FAQ’s: https://ncua.gov/consumers/share-insurance-coverage/frequently-asked-questions-about-share-insurance
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