We at South Jersey Federal Credit Union want you to feel secure that your funds at the credit union are safe and sound. At SJFCU, your deposits are now insured up to $500,000.
The exceptional level of coverage is attained through a combination of federal insurance provided by the National Credit Union Share Insurance Fund (NCUSIF) - the credit union counterpart of FDIC - and private insurance by the Excess Share Insurance (ESI) Corporation.
The National Credit Union Administration (NCUA) is the federal agency that charters and supervises federal credit unions, and insures savings in all federal credit unions nationwide through the NCUSIF. The NCUSIF is a federal fund backed by the full faith and credit of the U.S. government.
In early October 2008, the Emergency Economic Stabilization Act of 2008 was signed into law. One of the bill’s provisions was a temporary increase in deposit insurance limits from $100,000 to $250,000 – through December 31, 2009 - for both credit unions and banks. The coverage for retirement accounts such as IRAs was unchanged and remains at $250,000.
In addition to the deposit insurance provided by NCUSIF, South Jersey Federal Credit Union has chosen to provide additional coverage through Excess Share Insurance (ESI) Corporation, providing an additional $250,000 of coverage for savings and retirement accounts.
The Excess Share Insurance Corporation is a subsidiary of American Share Insurance, the nation's largest private deposit insurer for credit unions. Members exceeding the maximum level of coverage provided by the NCUSIF are insured up to an additional $250,000 by ESI.
NCUSIF Insurance |
ESI Insurance |
TOTAL Insurance |
|
| Savings Accounts* | $250,000 |
$250,000 |
$500,000 |
| Retirement Accounts* | $250,000 |
$250,000 |
$500,000 |
*Statement Savings, Club Accounts, Checking, CDs, Money Market Accounts, etc. (Money Market Accounts at the credit union are insured and should not be confused with Money Market Funds which are tied to an index.)
** IRA, Roth IRA, IRA CDs, etc.
Generally, if a credit union member has more than one account, those accounts are added together and insured up to $500,000. Joint, individual retirement and certain other account relationships are insured separately and are subject to other federal guidelines regarding insurance. Individual Retirement Accounts (IRAs) are subject to separate coverage by NCUSIF up to $250,000 and are insured up to $500,000 with the addition of ESI's maximum coverage, as shown in the chart above.
