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Share Insurance

Your Deposits Insured up to $500,000!

Your deposit accounts at North Star Community Credit Union are insured up to $500,000. This exceptional coverage is achieved through a combination of federal insurance, provided by the National Credit Union Administration (NCUA), and private insurance from Excess Share Insurance Corporation (ESI).

NCUA Insurance

NCUA’s basic federal coverage insures credit union members’ deposits up to $250,000. Accounts may be structured in different ways — such as joint, payable-on-death or IRA accounts — to achieve federal coverage of more than $250,000.

Excess Share Insurance

Accounts exceeding the maximum coverage provided by NCUA are also insured up to an additional $250,000 by ESI. For example, if you have a regular savings account, checking account and share certificate that collectively add up to $500,000; $250,000 of those funds will be insured by the NCUA, and the remaining $250,000 will be insured by ESI.

Combined Insurance Coverage

All individual savings, checking and share certificates of deposit accounts held by the same member are added together and insured up to $250,000 by NCUA and an additional $250,000 by ESI, for a total of $500,000.

All IRA accounts held by the same member are added together and insured up to $250,000 by NCUA and an additional $250,000 by ESI, for a total of $500,000.

All joint accounts held by the same member are added together and insured up to $250,000 by NCUA and an additional $250,000 by ESI, for a total of $500,000.

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.

 

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. As a property and casualty insurer, ESI is subject to licensing and regulation by your state’s insurance department. The company’s financial statements are audited annually by an independent CPA firm and are available 

Excess Share Insurance Corporation Policy: To be eligible for excess coverage, your credit union must comply with ESI’s underwriting standards. 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 the credit union. You will be notified in advance if this coverage is terminated or modified.

Excess Share Insurance Corporation is not a federal or state government agency.