As of July 1, 2018, Service Credit Union is no longer able to offer Excess Share Insurance to our Trust Account holders due to a restriction with our insurance provider. We apologize for the inconvenience, but want you to rest assured knowing that your money is still federally insured up to at least $250,000 by the National Credit Union Administration. Learn more below.
What is Excess Share Insurance?
Ohio-based Excess Share Insurance Corporation is the largest provider of deposit insurance of credit union member share (deposit) accounts with balances in excess of the basic $250,000 insurance limits afforded to credit unions insured by the National Credit Union Administration (NCUA). The Excess Share (deposit) Insurance program protects the savings of credit union members throughout the United States by adding additional coverage on top of the NCUA’s coverage.
Am I able to receive ESI for my IRA and/or Trust Account with Service Credit Union?
As of July 1, 2018, Service Credit Union is only able to provide ESI for IRA account holders, covering an additional $250,000 over what is provided by the National Credit Union Administration (NCUA). Both IRA and Trust Accounts are still covered up to a certain amount by NCUA.
What is the NCUA and how does it protect my savings?
The NCUA is an independent federal agency that administers the National Credit Union Share Insurance Fund (NCUSIF). This fund means that credit unions that are federally insured by the NCUA offer a safe place for you to save your money. Deposits are insured up to $250,000 per individual depositor, backed by the NCUSIF.
How do I know my credit union is covered?
Look for the NCUA share insurance sign pictured below or use the NCUA Credit Union Locator on MyCreditUnion.gov to find a federally insured credit union. Service Credit Union is an NCUA insured credit union.
How do I know my money is 100% protected by the NCUA?
Know how your accounts are organized, based on the four types of ownership shown in the graph below. Each account ownership type represents a different type of insurance coverage, with a minimum protection of at least $250,000 per account type. Depending on the types of accounts you have, your amount of coverage can increase to over the minimum of $250,000 guaranteed by the NCUA. Use the guide below to see if you are covered.
ACCOUNT OWNERSHIP TYPE |
EXAMPLE ACCOUNT |
Less Than $250k ACCOUNT |
Greater Than $250k ACCOUNT |
NOTES |
|---|---|---|---|---|
| 1. Individual | Savings, Checking, Money Market – For Self Only |
You’re covered! | Up to $250k protected | Total amount in combined accounts. |
| 2. Joint | Savings, Checking, Money Market – Multiple Owners |
You’re covered! | Up to $250k protected per owner |
Amount per each owner’s interest in joint accounts |
| 3. Trust | Formal or Informal Revocable Trusts | You’re covered! | Up to $250k protected per beneficiary |
Amount per beneficiary, for each owner. Special rules apply for accounts over $1.25 million |
| 4. Retirement | Traditional/Roth IRA, Keogh | You’re covered! | Up to $250k protected | Amount in traditional and Roth IRA accounts added together. Keogh accounts insured separately. Beneficiaries do not change the coverage amount. |
| NOT COVERED | Mutual Funds, Stocks, Bonds, Life Insurance Policies | Your losses will NOT be covered. | Your losses will NOT be covered. | The Share Insurance Fund does NOT cover losses on these types of accounts and funds. |
Where can I go to learn more?
Visit MyCreditUnion.gov/estimator to learn more about coverage of your individual assets. You may also use NCUA’s online calculator at https://webapps.ncua.gov/ins or contact NCUA at 1-800-755-1030.