Excess share insurance (ESI)
We are pleased to inform you that your deposit accounts at Space City Credit Union are insured up to $500,000.
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).
We can now double your protection on all Deposits! Bring your IRAs, Share Certificates, and Money Market accounts to Space City CU. With ESI (Excess Share Insurance), we can now guarantee insurance protection for up to $500,000.
ESI's coverage
First, NCUA’s basic federal coverage insures credit union members’ deposits up to $250,000, but 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. 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. Click here to learn more about NCUA.
Second, accounts exceeding the maximum level of coverage provided by NCUA are also insured up to an additional $250,000 by ESI. For example, if you have a regular savings (share) account, checking (share draft) account, and certificate of deposit (share certificate) that together add up to $500,000, then $250,000 is insured by NCUA, and the remaining $250,000 is insured by ESI.
Account Type | NCUA Coverage | ESI Coverage | Total Insured |
|---|---|---|---|
Individual | $250,000 | $250,000 | $500,000 |
Joint | $250,000 | $250,000 | $500,000 |
IRA | $250,000 | $250,000 | $500,000 |
* Example only