An Extended Insurance Account provides millions in extended NCUA Insurance on your deposits by distributing your balance in amounts under the $250,000 threshold to partner credit unions. By placing funds under the limit at each credit union, your entire balance can be insured by the NCUA's Share Insurance Fund. 

Suppose you have $1 million in a Money Market, Checking, or Savings account that you want to safeguard and earn interest on. You can achieve this by depositing the full amount with GreenState Credit Union through an Extended Insurance Account. The money is then distributed into smaller portions at various credit unions within the network. The first $250,000 will be allocated to GreenState Credit Union, another $250,000 to Credit Union two, an additional $250,000 to Credit Union three, and the remaining $250,000 to Credit Union four. All of these credit unions are partnered with the ModernFi Network. This allocation helps ensure that each dollar is covered by NCUA share insurance, in an amount up to the maximum of $250,000 per share owner per credit union. Be sure to let us know if you already have funds deposited at other financial institutions so we can direct your funds elsewhere to avoid going over the limit.

Using these Extended Insurance Accounts eliminates the need to keep track of multiple accounts at various credit unions. All of your deposits and activity across your allocated credit unions are consolidated into one statement. Additionally, the Extended Insurance Account interest rate is competitive, making it a compelling choice for individuals and businesses with substantial cash reserves. 

Opening an Extended Insurance Account is quick and easy with GreenState Credit Union. Simply contact your relationship manager or visit your nearest branch, and they can direct you to a Treasury Management representative. You can also give us a call at (515) 440-6927 to get started.

ModernFi partners with credit unions in good standing with regulators and compliant with all Anti-Money Laundering and Know Your Customer requirements. ModernFi only places deposits at US-based NCUA-insured credit unions that are monitored by a U.S. federal or state governmental agency responsible for the supervision of financial institutions. 

Extended Insurance Accounts offer a high degree of security for your deposits, utilizing NCUA Insurance to safeguard funds up to $250,000 per member at each participating credit union. This protection extends even in the event of a participating credit union's failure, ensuring the continued safety of your deposits. Since the inception of the National Credit Union Share Insurance Fund in 1970, no member has lost NCUA-insured funds due to a credit union's failure. All accounts at NCUA-insured credit unions are covered on a dollar-for-dollar basis, encompassing principal plus any interest accrued. 

In the unlikely event a credit union fails, the NCUA assumes the responsibility of closing the credit union, receives its assets, and settles all deposit claims. For more information on NCUA insurance, please visit ncua.gov.

You control the account just like a regular transaction account. You can deposit, withdraw, or transfer funds at any time through Digital Banking. (Please note that members are unable specify specific financial institutions for the distribution.)