Phone Call Talk Track

When calling existing or prospective members, keep conversations simple, conversational, and focused on value. Below is a suggested framework you can adapt to your own style.

Example Pitch:

"Hi [Name], I’m [Your Name] with [Credit Union Name]. I’m reaching out because I want to share an exciting new account that [Credit Union Name] recently began offering its members. Recently, [Your Credit Union] launched an account that will help simplify the banking experience for members who have money spread across multiple financial institutions in multiple accounts. This Extended Insurance Account offers up to 15 million dollars of federal NCUA deposit insurance through a single business or personal account. This means that your deposits are backed by the full faith and credit of the U.S. Government, so you always know your funds are protected. You can deposit, transfer, or withdraw funds at any time, just like a regular checking or money market account. The best part is you’ll work exclusively with the same [Your Credit Union] bankers you know and trust! Is the $250,000 deposit insurance limit something that you’ve considered when opening up new bank accounts or establishing new banking relationships?

If yes: Great! You’re exactly the type of person [Your Credit Union] is hoping to better serve by offering these accounts. With an Extended Insurance Account at [Your Credit Union], you can cut down on the complexity of multiple banking relationships with all of the associated fees, logins, applications, and confusion come tax time. Instead, you can consolidate your banking experience right here at [Credit Union Name], so you know you’re getting the best experience possible. Opening an account is quick and easy. I’m happy to share some overview materials on the new account offering so to see if it might be of interest. I can also connect you with a relationship manager at [Your Credit Union] to tell you more about it and see if an Extended Insurance Account makes sense for you.

If no: No worries! Deposit insurance isn’t something that most people think about every day. However, following the crash of Silicon Valley Bank in 2023, many financial institutions across the country have turned to extended insurance offerings as a way to offer their members additional peace of mind in case they do decide they want their funds secured. Do you currently have your funds spread across multiple accounts today?

If yes: Many people we talk to have funds spread across multiple institutions to fit their needs in terms of liquidity, rate, and day-to-day cash management. Even if insurance isn’t something you feel you need right now, the Extended Insurance Account at [Your Credit Union] offers a competitive return relative to other similar high-yield products. Unlike a CD or investment product, you retain full access to your funds, so you can withdraw or transfer at any time if you decide to put your money elsewhere. You can really think of this as a savings or money market account with strong returns and even stronger protection. I’m happy to share some overview materials on the new account offering to see if it might be of interest. I can also connect you with a relationship manager at [Your Credit Union] to tell you more about it and see if an Extended Insurance Account makes sense for you.

Key EIA Benefits to Highlight

Peace of Mind: Up to $15 million in NCUA insurance per individual or business, ensuring funds are protected
Convenience of a Single Account: Access and manage all of your deposits through one account without the hassle of multiple banking relationships
Simple Account Opening: Account setup is easy with accounts ready same day
Full Control of Your Funds: Deposit, transfer, or withdraw money at any time, just like a regular transaction account, with funds available same day
Support the Community: Be proud that your funds will continue to support mission-driven credit unions
Enhanced Interest: Grow the balances in your account with interest similar to a standard CD or money market product, well above your typical checking or savings account

Key Credit Union Advantages to Highlight:

Support the Community: Credit unions are member-owned non-profits designed to strengthen the communities they serve
Higher Rates, Lower Fees: Profits are reinvested into providing greater returns and less costs for members
Better Service: Personalized service and community focus set credit unions apart from traditional banks

Frequently Asked Questions (FAQs)

How can [Your Credit Union] offer these accounts? [Your Credit Union] has partnered with a company called ModernFi, which operates a network of partner credit unions that work together to fully insure their members’ funds.
How does the extended insurance work? Suppose you have $1 million that you want to safeguard and earn interest on. You can achieve this by depositing the full amount with [Your Credit Union] through an Extended Insurance Account. Your money is then distributed into smaller portions and placed in accounts at other participating credit unions throughout the network. The first $250,000 will be allocated to Credit Union 1, another $250,000 to Credit Union 2, an additional $250,000 to Credit Union 3, and the remaining $250,000 to Credit Union 4. All of these credit unions are partnered with the ModernFi Network. This allocation helps ensure that each dollar is covered by NCUA share insurance, in an amount up to the maximum of $250,000 per account owner per credit union.
Can I still access my funds easily? Absolutely! You can transfer or withdraw funds anytime, just like with any regular savings account. Funds are typically available the same day or by the next business day.
Is my money safe if a credit union fails? Yes! Since 1970, no member has lost NCUA-insured funds due to a credit union failure. In the rare event of a failure, the NCUA disburses funds promptly—typically within a few business days.
Are there any fees or minimum balances? No! Our ModernFi Extended Insurance Accounts have zero monthly service fees and no minimum balance requirements.
How does this help me consolidate my banking relationships? With ModernFi’s solution, you only need one account with us to access up to $15 million in insurance coverage. This eliminates the need for multiple accounts at different institutions while simplifying your day-to-day cash management.
How do I open an Extended Insurance Account? Opening an insured sweep account is quick and easy with [Your Credit Union]. Simply contact your relationship manager to open an account and start taking advantage of the benefits offered by the Insured Sweep Account.