As a member of an insured credit union, you do not pay directly for your share insurance protection. Your credit union pays into the NCUSIF a deposit and an insurance assessment based on the total amount of insured shares and deposits in the credit union.

There are exceptions. You may obtain additional insurance coverage on multiple accounts, if you have different ownership interests or rights in different types of accounts and you properly complete account forms and applications. For example,a regular share account is insured up to $100,000 and an individual IRA account at the same credit union is insured up to $250,000. However, if you have a regular share account, share certificate account and share draft account, all in your own name, you will not have additional coverage. Those accounts will be added together and insured up to $100,000 as your individual account.

Excess Share Insurance

Member savings in this credit union are now protected up to $350,000--the highest level of combined federal/private share savings insurance available.  This coverage has become available through the addition of excess coverage from the Excess Share Insurance Corporation (ESI).

 

LLCU now provides $250,000 in deposit coverage on top of the federal government's $100,000.  And because Individual Retirements Accounts (IRAs) are insured separately, they are now protected up to $500,000 as well. So, by maintaining your non-retirement savings and your IRA at the credit union, you may now have a combined savings insurance of $850,000.

 

ESI is a wholly owned subsidiary of American Share Insurance (ASI), the nation's largest private depositor insurer, and insures only credit unions meeting its high standards.

 

If you would like more information about share savings insurance on your accounts, please contact us or visa the ESI website at www.excessshare.com.