Sb1 Federal Credit Union - Are my funds insured?

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Are my funds insured?

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Sb1's got you covered.
When you save with Sb1, you can rest assured that your funds are insured and backed by the full faith and credit of the U.S. government. No taxpayer funds are used to support the National Credit Union Administration (NCUA) or the NCUSIF.

Primary Insurance Coverage:

Your deposits are protected up to at least $250,000 by the National Credit Union Administration (NCUA). The NCUA is the federal government regulator and insurer for credit unions. The insurance they provide protects you against any loss due to the failure of the institution.

NCUA insures your individual savings accounts up to at least $250,000, regardless of the number of accounts you may have. Joint and certain other account relationships are insured separately and are subject to other federal guidelines. Retirement accounts are also separately insured by the NCUA for up to $250,000. For details about federal coverage on your accounts or how you can possibly structure your accounts to qualify for additional NCUA coverage, please check with the Credit Union.

Have a question about what's covered by the NCUA?
The NCUA Insurance Call Center, operating from 8 a.m. to 6:30 p.m. (EDT) Monday through Friday, has insurance experts available to answer questions about the coverage provided by NCUA share insurance. The toll-free Insurance Call Center number is 1.800.755.1030, extension 1.

Additional insurance if provided for some larger balances:
We are pleased to inform you that all Sb1 members who hold a Jumbo Share Certificate at Sb1 Federal Credit Union are provided Private Deposit Insurance coverage in addition to coverage provided by NCUA. All deposits under the member number holding a Jumbo Share Certificate (including IRA accounts) are covered as long as a Jumbo Share Certificate is open. Qualified members' accounts are insured with a combination of federal insurance provided by the National Credit Union Administration (NCUA) and private insurance by the Excess Share Insurance Corporation (ESI). Additional Insurance Coverage: At no cost to you, your board of directors has chosen to provide up to an additional $250,000 of coverage on specific qualifying accounts through ESI.

About ESI Coverage:
ESI's additional insurance coverage in Sb1 Federal Credit Union only applies to members who hold a Jumbo Share Certificate at Sb1 Federal Credit Union. All deposits under the member number holding a Jumbo Share Certificate (including IRA accounts) are covered up to an additional $250,000 over the amount of coverage provided by NCUA by ESI as long as a Jumbo Share Certificate is open. The IRA accounts of qualified members are insured up to an additional $250,000 by ESI over the amount of coverage provided by NCUA.

To assess your total deposit insurance coverage for your qualified accounts it is important to first determine how much NCUA coverage is provided for each of these accounts. For members with multiple accounts, NCUA coverage could be less than $250,000 ($250,000 for IRAs) per account. ESI's coverage only applies to qualifying accounts once the account balance exceeds the federal coverage limit. ESI coverage is provided on a dollar-for dollar basis and is payable only upon the failure or liquidation of the credit union. To receive ESI's additional insurance, we must file required reports and pay monthly premiums.

Another example of Sb1 keeping your best interests first. This combination of private/federal insurance is a unique benefit provided to our Credit Union members, and solidifies Sb1's position as one of the nation's safest institutions. If you are interested in more information about your coverage, please contact us at 800.806.9465 or email us at mail@sb1fcu.org.

IRA stands for Individual Retirement Account. For more information about IRAs or to open yours today, click here.

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Not sure how much your funds are insured for?

It helps to know the level of insurance you qualify for with your funds on hand at Sb1.

Use the NCUA's Share Insurance Estimator to calculate your level of coverage.

Use the NCUA estimator >>

What if I have more than $100,000 in the CU?

What can I do to insure my deposits?

Learn more >>

Why pay more?

Transfer those high charging credit card payments to a new Sb1 Visa Credit Card. With Sb1, we don't have any hidden rates. What you see is what you get. Start saving yourself money each month.

Consolidate and transfer your balances today...