If you’re like most credit union members, the current economic environment has left you with questions about the safety of your savings. And we here at Members Advantage Credit Union want you to know that according to The National Credit Union Administration (NCUA), Standard & Poor’s recent U.S. credit rating downgrade will have no impact on federal credit union deposit insurance. In fact, the NCUA says, the credit union system remains strong and well capitalized.
Currently, the NCUA automatically insures your share (savings) account funds up to $250,000 with federal share insurance. Members Advantage Credit Union also provides up to an additional $250,000 of insurance coverage through Excess Share Insurance Corporation (ESI), at no direct cost to members. For example, when combined with federal share insurance, Excess Share Insurance can provide up to $500,000 in total coverage on your savings/demands accounts and up to $500,000 on your IRAs.
Have peace of mind knowing that you can maintain much higher balances at Members Advantage Credit Union, all the while confident that your savings are safe, sound and protected by a well-capitalized fund. As outlined at www.excessshare.com, you can still have the security you deserve when you consider that:
- No credit union has ever lost money in any ESI-insured credit union.
- The ESI insurance fund has never needed a bailout nor does it need one now. For several years, it has been a strong, high-quality program that credit union members can trust and rely upon.
- ESI has always been and continues to be in good standing with the various insurance departments and regulators in all states of operations.
- ESI insures only credit unions in 32 states plus the District of Columbia. With its strict underwriting standards, ESI is selective as to which credit unions it insures. We at Members Advantage Credit Union know the importance of protecting your hard-earned savings during these times. Rest assured that the security of your money has always been a top priority for us and will continue to be – no matter the state of the economy.