Share Insurance

With the passage of the Emergency Economic Stabilization Act of 2008, savings at United Educators Credit Union are now federally insured by the National Credit Union Share Insurance Fund (NCUSIF) up to $250,000 per member, and up to $250,000 per member by the Excess Share Insurance Corporation (ESI), for combined coverage of $500,000 - the highest level of combined federal/private share savings insurance available. In addition, certain retirement accounts are insured separately - up to $250,000 by NCUA and up to $250,000 by ESI - for a total of up to $500,000 per member. So, by maintaining your non-retirement savings and your IRA at the credit union, you could have a combined savings insurance of $1,000,000.

National Credit Union Share Insurance Fund (NCUSIF)
Your accounts 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 your money in savings, checking, VIP, certificates, trust, and retirement accounts.

NCUA coverage is to credit unions as FDIC, or Federal Deposit Insurance Corporation, coverage is to banks. Both funds are backed by the full faith and credit of the U.S. government, for more NCUA information "How Your Accounts Are Federally Insured" (213 kb).

Not one penny of insured savings has ever been lost by a member of a federally insured credit union. The federal insurance fund has several programs to help insured credit unions which may be experiencing problems, and liquidations or failures are usually done only as a last resort. If a federally insured credit union does fail, however, the National Credit Union Share Insurance Fund (NCUSIF) will normally make any necessary payouts within two weeks of the time the credit union closes its doors.

Insured credit unions are required to deposit and maintain 1% of their insured shares in the NCUSIF. The fund is currently at the strongest and best reserved level in its history. Historically, deposit insurance funds strive for a ratio of equity to insured savings of a least 1%. NCUSIF ration of equity to insured savings ranges from 1.25% to 1.30%.

As a member of United Educators Credit Union, you do not pay directly for your share insurance protection. United Educators Credit Union pays into the NCUSIF a deposit based on the total amount of insured shares in the Credit Union.

Savings Protection Increased with Excess Share Insurance
Member share savings in United Educators Credit Union are also protected up to $250,000 through our affiliation with the Excess Share Insurance Corporation, a licensed property and casualty insurer. Excess Share Insurance Corporation's extended coverage offers the convenience of maintaining all your savings at one financial institution without sacrificing insurance protection.

Excess Share Insurance Corporation provides $250,000 in coverage on top of the federal government's $250,000. And because Individual Retirement Accounts (IRAs) are insured separately, they are protected up to $250,000 by NCUA and up to $250,000 by ESI for a total of up to $500,000 per member. So, by maintaining your non-retirement savings and your IRA at the credit union, you could have a combined savings insurance of $1,000,000.

We are proud to offer this exceptional coverage. For more information on this additional insurance, please feel free to contact us or visit Excess Share Insurance Corporation on the Internet at www.excessshare.com .

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United Educators Credit Union routing number: 296076084