Introducing: SCFCU's New Insured Deposit Protection
St. Cloud Financial Credit Union is proud to introduce insured deposit accounts that offer exceptional coverage up to $2.5 million for individual and business members. The enhanced coverage is automatically available for specific money market and certificate of deposit accounts, with no direct cost to members.
This exceptional level of coverage is attained through a combination of federal insurance provided by the National Credit Union Administration (NCUA) and private insurance from Excess Share Insurance Corporation (ESI).
For more information, read below, visit one of SCFCU's five branch locations or give us a call at 320-252-2364.
Coverage Basics
First, NCUA’s basic federal coverage insures credit union members’ deposits up to $250,000. For details about federal deposit insurance, or how to structure your accounts to qualify for greater federal coverage, please check with your credit union or contact NCUA.
Second, accounts exceeding the maximum level of coverage provided by NCUA are also insured up to an additional $2,250,000 by ESI.
Policy Information
To be eligible for excess coverage, St. Cloud Financial Credit Union must comply with ESI’s rigid underwriting standards. Also, ESI’s insurance policy requires that every quarter St. Cloud Financial Credit Union submit financial statements and a listing of accounts eligible for excess coverage in order to continue coverage. Individual policies are not provided to members, and there is no direct cost to you for this coverage. It is important to note that excess deposit insurance is payable only upon the failure and liquidation of St. Cloud Financial Credit Union. St. Cloud Financial Credit Union or ESI may terminate or modify this coverage, but in either case you would be notified in writing of any change in the excess coverage.
About ESI
Headquartered in Dublin, Ohio, ESI is a wholly owned subsidiary of American Share Insurance, a credit union-owned private deposit insurer founded in 1974 by credit unions, for credit unions. As a property and casualty insurer, ESI is subject to licensing and regulation by your state’s insurance department. Furthermore, the company’s financial statements are audited annually by an independent CPA firm and are available upon request through the credit union. ESI is not a federal or state government agency.
*Only specific products are eligible for this level of added savings protection. Please see a credit union representative for details.