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An independent agency of the United States Government. NCUA regulates, charters, and insures the nation’s federal credit unions. In addition, NCUA insures state chartered credit unions, like Firstmark Credit Union, which desire and qualify for federal insurance.
The shares in Firstmark Credit Union are insured by the National Credit Union Share Insurance Fund (NCUSIF) or the Fund, an arm of NCUA. Established by Congress in 1970 to insure member share accounts at federally insured credit unions, the Fund is managed by NCUA under the direction of the three-person NCUA Board.
Your share insurance is similar to deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC). Share accounts in federally insured credit unions are insured up to $250,000, an amount equal to the insurance protection offered by the FDIC.
We are pleased to inform you that your Qualifying Accounts* in Firstmark 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).
ESI’S COVERAGE
First, NCUA’s basic federal coverage insures credit union members’ deposits up to $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.
Second, Qualifying Accounts* exceeding the maximum level of coverage provided by NCUA are also insured up to an additional $250,000 by ESI.
ESI’S POLICY
To be eligible for excess coverage, the credit union must comply with ESI’s rigid underwriting standards. Also, ESI’s insurance policy requires that every quarter the credit union submit financial statements and a listing of accounts eligible for excess coverage in order to continue coverage. 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. The credit union or ESI may terminate or modify this coverage, but in either case, you would be notified in writing of any change in the excess coverage.
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 by credit unions, for credit unions. As a property and casualty insurer, ESI is subject to licensing and regulation by your state’s insurance department. Furthermore, the company’s financial statements are audited annually by an independent CPA firm and are available upon request through the credit union. ESI is not a federal or state government agency.
*Qualifying Accounts exclude Public Fund Accounts at Firstmark Credit Union. Please see a credit union representative for details.
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To make this process as quick as possible, please have the following ready for yourself and any joint account holders on the account, including beneficiary’s: