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 AGCU has joined to help better protect your balances by distributing funds across partner credit unions to offer extended NCUA share insurance.

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. AGCU 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. AGCU 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.

Opening an Extended Insurance Account is quick and easy with AGCU. Simply contact a Business Solutions Representative or start an application here 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.