How do my members benefit?

Members that use Extended Insurance Accounts benefit from a single checking or savings account that provides millions in NCUA insurance. Key member benefits include:

• Peace of Mind: Members' deposits are eligible for millions of dollars of extended insurance coverage, backed by the full faith and credit of the United States government.
• Single Banking Relationship: Members enjoy extended NCUA share insurance eligibility on their balances without the hassle of establishing and managing multiple banking relationships.
• Full Control of Their Funds: Members can deposit, transfer, and withdraw their funds at any time, just like a regular transaction account, with funds settling same day or next business day.
• Continuous Transparency: Members can view see their full balances and the placement of their funds at any time, so they always know their deposits are safe.
• Simple Account Opening and Reporting: Members open Extended Insurance Accounts at your credit union just like they would any other account. They receive a single statement at the end of the month and single 1099 for tax purposes. The ModernFi setup keeps its simple for members and your credit union.
• Support Their Community: Members can be proud knowing that their funds continue to support both their community and mission-driven partner credit unions throughout the country.
• Enhanced Interest: You have full control over the rate paid to members, so members can grow the balances in their account with competitive rates when desired.

Since 2018, extended insurance accounts have exhibited over 100% deposit retention, underscoring their value to depositors and the benefits derived from extended insurance offerings.