Extended Deposit Insurance

Four Points Federal Credit Union helps protect your funds with extended NCUA insurance coverage through our trusted partner network.

Extended Deposit Insurance Account

Four Points Extended Insurance Account is designed to not only safeguard your funds with extended NCUA share insurance, but also to help your money grow through competitive interest rates. With this account, you can maximize your share insurance coverage while enjoying flexible access to your funds in demand deposit accounts.

  • $10M protection available
  • No minimum balance fees
  • No monthly maintenance fees
  • Earn dividends
  • Full control of funds
  • Easy access

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 the ModernFi 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.

ModernFi is a network of credit unions that Four Points Federal Credit Union has joined to help better protect your balances by distributing funds across partner credit unions to offer extended NCUA share insurance.

Suppose you have $1 million that you want to safeguard and earn interest on. You can achieve this by depositing the full amount with Four Points Federal Credit Union through an Extended Insurance Account. The money is then distributed into smaller portions and placed in demand deposit accounts at various credit unions within the network. The first $250,000 will be allocated to Four Points Federal Credit Union, 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 share owner per credit union.

Using these Extended Insurance Accounts eliminate the need to keep track of multiple accounts at various credit unions. All of your deposits and activity across your allocated credit unions are consolidated into one statement. Additionally, the Extended Insurance Account interest rate is competitive, making it a compelling choice for individuals and businesses with substantial cash reserves.

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. Four Points Federal Credit Union and ModernFi manage and oversee your allocation, ensuring funds are distributed to demand deposit accounts within the network.

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.

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. Four Points Federal Credit Union works with ModernFi to file all required materials with the NCUA to coordinate the receipt of your funds from the failed institution. Payment starts within a few business days after the credit union closure. For more information on NCUA insurance, please visit here.

ModernFi 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 governmental agency responsible for the supervision of financial institutions.

Four Points Federal Credit Union maintains complete control over the credit unions that can receive your funds. Furthermore, you and Four Points Federal Credit Union always have full transparency into the allocation of your funds.

Opening an Extended Insurance Account is quick and easy with Four Points Federal Credit Union. Simply contact one of our Business Officers and start taking advantage of the benefits offered by the Extended Insurance Account. After account opening, you will gain access to the “Member Portal” to view details on your Extended Insurance Account. You can view statements and your allocations throughout the network at any time, so you always know your money is safe with credit unions you know and trust.

Speak to one of our Business Officers.

Derek Liedle

Chief Growth Officer

402-431-5161

liedled@fourpointsfcu.org

Amanda Cornett

Amanda Cornett

Business Development Officer

NMLS: 1462443

402-431-5170

cornetta@fourpointsfcu.org

Funds participating in the Four Points Federal 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 Four Points Federal Credit Union immediately if you do not want to allocate funds to a particular credit union or credit unions.