Midcoast FCU / Share Insurance

Deposit Insurance

All Deposit Accounts at Midcoast Federal Credit Union are insured up to $500,000. This exceptional level of coverage is attained through a combination of federal insurance provided by the National Credit Union Administration (NCUA) and private insurance from Excess Share Insurance Corporation (ESI). Both the NCUA and ESI coverage are provided at no cost to Midcoast FCU members.

Federally Insured by NCUA

Protecting Your Assets

Because you are a member of a federally insured credit union, your single-ownership accounts are protected up to $250,000 by the National Credit Union Administration (NCUA.) The NCUA carries the full faith and credit of the federal government. Through NCUA, your aggregate non-IRA savings deposits will be insured up to $250,000, and your aggregate IRA deposits will be insured up to $250,000.

Credit Union Share Protection information: Credit Union Share Insurance

Federally Insured Funds information: NCUA Share Insurance Coverage

Excess Share Insurance (ESI)

Additional Coverage for Our Members

Midcoast FCU also provides additional coverage through Excess Share Insurance Corporation (ESI), which means all account relationships will be insured up to an additional $250,000. ESI is the highest level of share insurance coverage available without any direct cost to you. ESI coverage mirrors NCUA coverage, doubling your coverage limits. ESI is exclusive to credit unions, and Midcoast is proud to be one of the few credit unions in the state that offer it. However, if you require coverage greater than what we currently offer, you may be able to arrange your accounts to maximize the coverage available.

Excess Share Coverage information: Visit ESI website www.excessshare.com

Excess Share Brochure: Savings Protection with ESI

*If you have any questions regarding deposit insurance coverage or the insurance protection offered by Midcoast FCU, please contact us at 877-964-3262. For more information on NCUA, visit their website at www.ncua.gov. For more information on ESI, visit their website at www.excessshare.com.

Your funds are secure at Midcoast FCU

Both the NCUA and ESI coverage are provided at no cost to Midcoast FCU members. These coverage limits apply whether the funds are in a single account or spread across multiple deposit accounts for each account ownership type. Non-retirement deposit accounts at Midcoast FCU are insured by the National Credit Union Administration (NCUA) in one of three ways:

Sole Owner

Each member has up to $250,000 in combined coverage for all deposit accounts for which they are the sole owner.

Joint Owner

Each member has up to $250,000 in combined coverage for all deposit accounts for which they are a joint owner.

Beneficiary

Each beneficiary has up to $250,000 in combined coverage for all the deposit accounts for which they are a named beneficiary.

Excess Share Insurance

Additional insurance of up to $250,000 through Excess Share Insurance Corporation, a licensed insurance company.

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