To ensure member safety and security, Financial Plus Credit Union maintains insurance on member share and deposit accounts.
These savings are federally insured up to at least $250,000 and backed by the full faith and credit of the United States Government – the National Credit Union Administration (NCUA). NCUA is a U.S. Government Agency. Shares and deposits held at Financial Plus Credit Union are insured up to an additional $250,000 by Excess Share Insurance (ESI). ESI is not affiliated with NCUA.
NCUA basic federal coverage is up to $250,000, but accounts may be structured in ways such as joint ownership or Individual Retirement Account (IRA) to achieve federal coverage of more than $250,000. The following example explains the amount of additional share insurance protection ESI can provide members of federally insured credit unions:
Who is eligible for ESI coverage?
- All members of Financial Plus Credit Union who hold share accounts are eligible for coverage through ESI.
Do members have to sign-up or enroll in program to receive ESI coverage?
- Members are not required to enroll in the program and no action is required. Once a member exceeds the NCUA $250,000 insurance threshold, it automatically triggers ESI coverage.
Is there a cost to members for ESI coverage?
- There is no cost to members for this additional insurance coverage. It is a member benefit of belonging to Financial Plus Credit Union.
For additional information, please review the list of insurance resources below:
- “You Insured Funds” NCUA brochure
- "Share Insurance Estimator" NCUA Calculator
- "Information About your Added Savings Protection" ESI brochure
- ESI 2018 Annual Financial Statement
If you have questions regarding NCUA and ESI coverage, please call our Contact Center at (800) 748-0451.