Extra Protection for Your Deposits
Deposit insurance with you in mind. Your deposits are insured up to $500,000 through the National Credit Union Administration (NCUA) and Excess Share Insurance (ESI) at no cost to you.
About NCUA and ESI
NCUA administers the National Credit Union Share Insurance Fund. Much like the FDIC for banks, this fund is backed by the full faith and credit of the U.S. government and insures your deposits up to $250,000.
ESI is a wholly owned subsidiary of American Share Insurance, a credit union-owned deposit insurer founded in 1974. If you have more than $250,000 in deposits, we have you covered with ESI for another $250,000 at no cost to you.
The Takeaway: Your Coverage
Your deposits benefit from two layers of protection, federal insurance plus excess share coverage, providing expanded safeguards for larger balances without added complexity. Total coverage is $500,000 instead of the standard of $250,000.
Your Coverage, Extended
You can actually have more than $500,000 insured at PACU if you have your money in different categories. Your deposits at PACU are insured by the NCUA up to $250,000. ESI provides additional coverage beyond that limit, insuring qualifying balances up to an extra $250,000. This service is ideal for you if you have higher balances and long-term financial goals. How it works:
Individual Savings, Checking or Share Certificates
All individual savings, checking and share certificate accounts held by the same member are added together and insured up to $250,000 by NCUA, with an additional $250,000 from ESI, for a total of $500,000.
Individual Retirement Accounts
All IRA accounts held by the same member are added together and insured up to $250,000 by NCUA, with an additional $250,000 from ESI, for a total of $500,000.
Joint Accounts
All joint accounts held by the same member are added together and insured up to $250,000 by NCUA, with an additional $250,000 from ESI, for a total of $500,000.
For details about federal deposit insurance or how to structure your accounts to qualify for greater federal coverage, contact us, schedule an appointment, or refer to NCUA’s Share Insurance Estimator.
FAQ’s
- Who owns the account (ownership category)
- How the account is titled
- The total balance in each ownership category
NCUA groups accounts into categories, such as:
- Individual accounts
- Joint accounts
- IRAs
- Trust accounts
Each category is insured separately up to $250,000 per owner.
All individual accounts owned by the same person at the same credit union are combined and insured up to $250,000. This includes:
- Savings
- Checking
- Share Certificates
Multiple accounts do not increase coverage if they are in the same ownership category.
Joint accounts are insured per co-owner, not per account. Each owner’s share of all joint accounts at the same credit union is insured up to $250,000.
FAQ’s Continued
Yes. Because each ownership category is insured separately, you can be insured for more than $250,000 total by holding accounts in different categories, like individual, joint and IRA.
Per person, per ownership category, not per account.
Yes. An account’s title determines its ownership category, which directly affects insurance calculations.
NCUA insures deposits up to $250,000 per owner, per ownership category. When qualifying balances exceed the NCUA limit, ESI provides additional coverage up to an extra $250,000 on eligible accounts.
Excess Share Insurance Corporation is not a federal or state government agency.
Headquartered in Winston-Salem, North Carolina, and founded in 1949 within the aviation industry, Piedmont Advantage Credit Union (PACU) serves member-owners, who reside, work, worship, attend school or operate a business in one of the six counties it serves in North Carolina or who are employed by one of its many employer companies. These six counties are Davie, Forsyth, Guilford, Iredell, Mecklenburg and Rockingham.