Excess Share Insurance
Coverage changes effective March 1, 2020.
Since 2003, Community Financial has provided our members’ with supplementary deposit insurance of $250,000 through the Excess Share Insurance Corporation (“ESI”), a private deposit insurer. This excess coverage is in addition to the coverage provided by the National Credit Union Administration (“NCUA”), and is provided for your protection at no cost to you.
Based on the limitations of the insurer, Community Financial is provided a maximum of $44 million aggregate in ESI excess insurance coverage, which is the highest limit available by ESI for any credit union in America. However, our recent growth has pushed us past the $44 million maximum limit. Consequently, Community Financial has worked with ESI to develop an alternative that would allow for us to continue offering excess share insurance coverage to members.
After an in-depth analysis, we have elected to change the current ESI coverage offered to our members. Effective March 1, 2020, the supplemental insurance coverage from ESI of $250,000 will be reduced to $100,000 per account relationship.
Beginning March 1, 2020, depending upon how your account relationship with Community Financial Credit Union is structured, accounts will remain federally insured up to $250,000 by the National Credit Union Share Insurance Fund (“NCUSIF”). In addition, these accounts will also be insured up to an additional $100,000 by ESI which means the combined total coverage for your accounts could be up to $350,000.
If you have any questions, please call our Member Contact Center at (877) 937-2328 or stop by your local branch. Thank you for your membership, we look forward to continuing to serve your financial needs.Go to main navigation