CCFCU is a federally insured credit union – that’s what “Federal Credit Union” means in our name. Our members, you, need a safe place for your hard-earned money. That’s why we have extra protection for your money, with deposits through federal and private insurance funds.
Deposits at Cumberland County Federal Credit Union are protected up to $500,000 — the highest level of combined federal/private share insurance available. The federal government provides $250,000 of this protection, through The National Credit Union Administration (NCUA), the independent agency that administers the National Credit Union Share Insurance Fund (NCUSIF), and the Excess Share Insurance Corporation (ESI), a licensed property and casualty insurer, provides an additional $250,000. And because Individual Retirement Accounts (IRAs) are insured separately, your savings and retirement accounts at the credit union could have combined federal/private coverage of $1,000,000!
All individual share, share draft, and share certificate accounts held by the same member are added together and insured up to $250,000 by the NCUA and an additional $250,000 by ESI, for a total of $500,000. An individual share account is an account owned by one individual without the right of withdrawal by others. Individual accounts are insured separately from IRA and joint owners.
All joint accounts held by the same member are added together and insured up to $250,000 by the NCUA and an additional $250,000 by ESI, for a total of $500,000. Joint accounts are insured separately from individual and IRA accounts.
All IRA accounts held by the same member are added together and insured up to $250,000 by the NCUA and an additional $250,000 by ESI, for a total of $500,000. IRA accounts are insured separately from individual and joint accounts.
Like the FDIC’s Deposit Insurance Fund, the NCUSIF is a federal insurance fund backed by the full faith and credit of the United States government.
Not every credit union qualifies for ESI’s unique excess share insurance program. To be insured by ESI, a credit union must first satisfy ESI’s strict underwriting standards then subject itself to mandatory quarterly reporting, on-going monitoring and field examination by ESI.
NCUA Electronic Share Insurance Estimator
The NCUA Electronic Share Insurance Estimator is available to help members better understand the protection offered by the NCUSIF. This interactive site allows users to input data to compute the amount of NCUSIF coverage available under different account scenarios.
For questions concerning CCFCU’s federally backed insurance coverage, contact NCUA.
For questions concerning CCFCU’s excess insurance coverage, contact ESI.