Safeguard your money today with an Extended Insurance Account
Extended Insurance Account
This powerful account is built for individuals and businesses who need more than standard coverage. With an Insured Sweep Account, your funds are automatically spread across a network of NCUA insured partner credit unions - giving you up to $15 million* in total protection, all managed through a single, easy-to-access account.
You'll earn interest on your full balance while keeping your money accessible, visible, and safe - no extra steps needed. You deserve more than banking - get more by protecting what matters.
Benefits of an Extended Insurance Account
- Single Banking Relationship: Enjoy extended NCUA share insurance without the hassle of multiple accounts
- Earn Interest: Grow your account with interest earned on your entire balance
- Continuous Transparency: Always know your deposits are allocated safely at other credit unions
Safeguard your money with an Extended Insurance Account. To get started, request more info today!
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FAQs
What is an Extended Insurance Account?
An Extended Insurance Account provides millions in extended NCUA insurance on your deposits by distributing your balance in amounts under the $250,000 threshold to partner credit unions. By placing funds under the limit at each credit union, your entire balance can be insured by the NCUA’s Share Insurance Fund.
Extended Insurance Accounts allow you to maintain the flexibility and simplicity of a single account, while Kemba Credit Union's technology manages fund placement and gives you 24/7 transparency into which credit unions are holding your deposits.
What are Extended Insurance Accounts through ModernFi?
ModernFi is a network of credit unions that Kemba Credit Union has joined to help better protect your balances by distributing funds across partner credit unions to offer extended NCUA share insurance.
How does the Extended Insurance Account work?
Suppose you have $1 million that you want to safeguard and earn interest on. You can achieve this by depositing the full amount with Kemba 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. 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.
Who maintains my Extended Insurance Account?
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. Kemba Credit Union and ModernFi manage and oversee your allocation, ensuring funds are distributed to demand deposit accounts within the network.
How do I open an Extended Insurance Account?
Opening an Extended Insurance Account is quick and easy with Kemba Credit Union. Simply contact your relationship manager or visit your nearest branch to open an account and start taking advantage of the benefits offered by the Extended Insurance Account.
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Insurance provided through program credit unions (subject to certain conditions)
*Funds participating in the Kemba 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 ensure your NCUA coverage, please regularly review credit unions in which your funds have been deposited, and notify Kemba Credit Union immediately if you do not want to allocate funds to a particular credit union or credit unions.