Deposit Insurance
Safety | Protection | Insurance
At Nizari PFCU your share deposits are insured up to $500,000 at no additional cost to you!
Savings Insured up to $500,000
This exceptional level of coverage is a combination of federal insurance by the National Credit Union Administration (NCUA) and private insurance by the Excess Share Insurance (ESI) Corporation. Nizari PFCU automatically provides this to our members at no extra cost!
National Credit Union Administration (NCUA)
This credit union is federally insured by the National Credit Union Association. Through the NCUA, your savings are federally insured up to $250,000 and backed by the full faith and credit of the United States Government.
Excess Share Insurance (ESI) Corporation
This program provides up to an additional $250,000 of insurance once a credit union member’s balance exceeds the coverage provided by the primary share insurer. This is offered by Nizari PFCU as a benefit to you at no additional cost.
How Adding Joints Account Increases Your Coverage
Example 1:
Ali is the Primary member on several deposit accounts with a total balance in excess of the combined NCUA and ESI coverage limit of $500,000.
|
Account Holder |
Ownership Balance |
NCUA+ESI Coverage |
Amount Uninsured |
|
Ali |
$600,000 |
$500,000 |
$100,000 |
He adds his son Karim as a joint owner on all of his accounts, and now, because both owners are entitled to $250,000 each of insurance coverage from the NCUA and an additional $250,000 from ESI, the combined balance is insured for up to $1,000,000.
|
Account Holder |
Ownership Balance |
NCUA+ESI Coverage |
Amount Uninsured |
|
Ali |
$300,000 |
$500,000 |
$0 |
|
Karim |
$300,000 |
$500,000 |
$0 |
|
Total |
$600,000 |
$1,000,000 |
$0 |
Example 2:
Shan and Salima are joint owners on multiple deposit accounts that total $300,000. Like Ali and Karim in Example 1, their accounts are insured for up to $500,000 by the NCUA and an additional $500,000 from ESI.
|
Account Holder |
Ownership Balance |
NCUA+ESI Coverage |
Amount Uninsured |
|
Shan |
$150,000 |
$500,000 |
$0 |
|
Salima |
$150,000 |
$500,000 |
$0 |
|
Total |
$300,000 |
$1,000,000 |
$0 |
However, Salima just inherited $1.2 million, and she and Shan want to make sure their deposits will be fully insured.
If they put $1,200,000 into their jointly owned deposit accounts, bringing their total to $1,500,000, they will have maxed out the NCUA and ESI coverage on those accounts at $1,000,000, leaving $500,000 uninsured.
|
Account Holder |
Ownership Balance |
NCUA+ESI Coverage |
Amount Uninsured |
|
Shan |
$750,000 |
$500,000 |
$250,000 |
|
Salima |
$750,000 |
$500,000 |
$250,000 |
|
Total |
$1,500,000 |
$1,000,000 |
$500,000 |
They have four kids, so they open an additional joint account with the $500,000 that is uninsured and name their children as beneficiaries, meaning the new account is covered for up to $2,000,000 ($250,000 for each of the four beneficiaries per joint owner) through the NCUA and an additional $2,000,000 from ESI.
|
Account Holder |
Beneficiaries |
Account Balance |
NCUA+ESI Coverage |
Amount Uninsured |
|
Shan |
Ayan, Aman, Ariba, Alim |
$250,000 |
$2,000,000 |
$0 |
|
Salima |
Ayan, Aman, Ariba, Alim |
$250,000 |
$2,000,000 |
$0 |
|
Total |
$500,000 |
$4,000,000 |
$0 |
Peace of mind. It’s one of the most important benefits a financial institution can provide.
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With Ultimate Checking it’s easier to protect your finances, save money on everyday purchases and enjoy your life.
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- Free Visa Debit card, including POS transactions
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All for a $4.99 monthly fee.
Getting Started
Please click the appropriate link below to download an account form.
This Credit Union is federally insured by the National Credit Union Administration (NCUA). Learn more about the NCUA here.
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Unlike other financial institutions, we are not open to the general public. Please take time to discover how you qualify. If you need assistance, please call our Member Service Center at 281-921-8500 or send us a message.
