Extended Insurance Account
Alabama Credit Union now offers Extended Insurance Account, a unique product that provides access to millions in extended NCUA (National Credit Union Administration) share insurance through participating credit unions, while you maintain only one account with Alabama Credit Union.
What is an Extended Insurance Account?
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.
What are the benefits of an Extended Insurance Account?
- Extended Insurance: Make your deposits eligible for protection backed by the full faith and credit of the federal government.
- Single Banking Relationship: Enjoy extended NCUA share insurance without the hassle of multiple relationship
- Simple Account Opening: Just accept Terms & Conditions during the standard account opening to get started.
- Enhanced Interest: Grow the balances in your account with additional interest for participating in the network
- Full Control of Your Funds: Deposit, transfer, and withdraw money at any time, just like a regular transaction account
- Continuous Transparency: Always know your deposits are allocated safely at other credit unions you know and trust
- Support The Community: Be proud that your funds will continue to support mission-driven partner credit union
How do I open an Extended Insurance Account?
Speak to your Relationship Manager. Accept Terms & Conditions. Fund your new Extended Insurance Account.