YOUR COOSA PINES FCU DEPOSITS ARE FEDERALLY INSURED.
Deposits with Coosa Pines FCU are backed by the National Credit Union Share Insurance Fund (NCUSIF), a fund maintained by the U.S. Treasury and administered by the National Credit Union Administration (NCUA). Federal insurance protects deposits in Share Savings, Share Draft Checking, Money Market Shares, Share Certificates, and certain retirement accounts.
Passage of the Emergency Economic Stabilization Act of 2008 increased NCUA coverage from $100,000 to $250,000. Funds may be insured for more than $250,000, depending on how accounts are structured.
- For example, a member's individual accounts are insured up to $250,000 by NCUA.
- His joint accounts are insured separately for another $250,000.
- The other owners of those joint accounts are also insured up to $250,000 each.
- IRAs are insured separately from other accounts, up to another $250,000 per member.
SHARE INSURANCE ESTIMATOR
The National Credit Union Administration (NCUA) offers an online share insurance estimator. With the estimator, credit union members can verify that the funds they have on deposit are insured. *
How deposited funds are insured also depends on how the accounts are structured. For example, individual accounts are insured separately from joint accounts, as are IRAs. If you're confused by all of this, don't worry! You can always call or drop by your favorite branch. We'd be happy to help you make sense of share insurance.
* The calculator estimates federal share insurance through the NCUA and does not include additional share insurance maintained through ESI (Excess Share Insurance, Inc.) for Coosa Pines FCU members. If the calculator shows that some of your funds are not insured, those funds may be insured through ESI. Please get in touch with your local CPFCU branch for a personalized breakdown of how your deposits are insured.
Additional Security from Excess Share Insurance, Inc.
In addition to the NCUA coverage, Coosa Pines FCU accounts are insured up to an additional $250,000 by Excess Share Insurance, Inc., a division of American Share Insurance, the nation’s largest provider of private share insurance for credit unions since 1974. As with NCUA coverage, ESI coverage may be more than $250,000, depending on the type and structure of the credit union accounts. (Please see above.)
This increases insurance on each account type listed above to $500,000.
NOTE: Please contact a Member Service Representative for more information on account structure and deposit insurance.