Extended Insurance Account

Secure personal savings up to $15 million, backed by the NCUA

Minnco's Extended Insurance Account offers further protection for your deposits while providing complete visibility and easy access. 

Frequently Asked Questions

How does the Extended Insurance Account work?

An Extended Insurance Account provides millions of extended NCUA insurance on your deposits by distributing your balances in amounts under the $250,000 threshold to partner credit unions in our deposit network. By placing funds under the limit, your entire balance can be insured by the NCUA. These accounts combine to provide you with extended insurance coverage. 

Who maintains my Extended Insurance Account?

You control the account just like a regular transaction account. You can deposit, withdraw, or transfer funds at any time through a dedicated Member Portal. Minnco Credit Union and Modern Fi manage and oversee your allocation, ensuring funds are distributed to demand deposit accounts within the network.

Who are the other credit unions my funds will be placed with?

ModernFi, our deposit network provider, partners with credit unions in good standing with regulators and compliant with all Anti-Money Laundering and Know Your Customer requirements. ModernFi only places deposits at US-based NCUA-insured credit unions that are monitored by a U.S. federal or state government agency responsible for the supervision of financial institutions. 

Furthermore, you and Minnco Credit Union always have full transparency into the allocation of your funds.

Can I see which credit unions are holding portions of my deposits?

Yes, you have full transparency into the allocation of your funds.

How secure is the Extended Insurance Account?

Extended Insurance Accounts offer a high degree of security for your deposits, utilizing NCUA insurance to safeguard funds up to $250,000 per member at each participating credit union. This protection extends even in the event of a participating credit union's failure, ensuring the continued safety of your deposits. Since the inception of the National Credit Union Share Insurance Fund in 1970, no member has lost NCUA-insured funds due to a credit union's failure. All accounts at NCUA-insured credit unions are covered on a dollar-for-dollar basis, encompassing principal plus any interest accrued.

What happens if a credit union fails?

In the unlikely event a credit union fails, the NCUA assumes the responsibility of closing the credit union, receives its assets, and settles all deposit claims. Minnco Credit Union works with ModernFi, our deposit network provider, to file all required materials with the NCUA to coordinate the receipt of your funds from the failed institution.

What if I need to access my funds?

The account is flexible. Members can deposit, transfer, and withdraw money at any time, just like a regular demand deposit account.

Disclosures

Funds participating in the Minnco Credit Union Extended Insurance Account are deposited into accounts at participating credit unions, which are insured by the National Credit Union Association (NCUA) for up to $250,000 for each category of legal ownership, including any other balances you may hold directly or through other intermediaries, including broker-dealers. The total amount of NCUA insurance for your account depends on the number of credit unions in the program. If the balance in your account is greater than the NCUA insurance coverage in the program, any excess funds will not be insured. Please read the Program Terms and Conditions carefully before depositing money into the program, and for other important customer disclosures and information. To assure your NCUA coverage, please regularly review credit unions in which your funds have been deposited, and notify Minnco immediately if you do not want to allocate funds to a particular credit union or credit unions.