Excess Share Insurance at no extra cost to our members
WOW! Your deposit accounts at Expree Credit Union are now protected up to $1,000,000. This is exceptional coverage through a combination of the federal government insurance provided by the National Credit Union Administration (NCUA) and private insurance provided by Excess Share Insurance (ESI). AND even more exciting news, this is provided automatically at no extra cost to members.
Expree wants to help make more possible by delivering hand-crafted solutions to meet all your financial needs. We believe this amazing level of coverage is the confidence you need to know your money is safe and secure; and we are committed to being your trusted financial partner.
NCUA – National Credit Union Administration
Expree Credit Union is federally insured by the NCUA. Through the NCUA, your savings are federally insured up to $250,000 and backed by the full faith and credit of the United States Government. The NCUA is the federal government agency that charters and supervises federal credit unions. NCUA also operates and manages the National Credit Union Share Insurance Fund (NCUSIF). Backed by the full faith and credit of the U.S. Government, NCUSIF insures the accounts of millions of account holders in all federal credit union and the vast majority of state-chartered credit unions. The NCUSIF provides all members of federally insured credit unions with $250,000 in coverage for their individual accounts.
These accounts include regular shares, share drafts (checking), money market accounts, and share certificates (CDs). Individuals with account balances totaling $250,000 or less at the same insured credit union have full NCUSIF coverage. Accounts may be structured in different ways – such as joint, payable-on-death or IRA accounts – to achieve the federal coverage of more than $250,000.
Excess Share Insurance (ESI) Corporation
Now accounts exceeding the maximum coverage provided by NCUA are also insured up to an additional $750,000 by ESI. ESI is a wholly owned subsidiary of American Share Insurance, the nation’s largest private deposit insurer, and insures only credit unions that meet its high standards. For example, if you have a regular savings (share) account, checking account, and share certificates that collectively add up to $1,000,000, $250,000 of those funds will be insured by NCUA and the remaining $750,000 will be insured by ESI.
If you have questions about this new program, or want to learn how you can take advantage of higher rates, please give us a call at 502.564.5597 or email us at hello@expree.org.
