Insured Funds

Peace of mind for your money.

Credit Union of New Jersey knows financial security is important to you. That’s why we’ve added additional funds insurance, which covers your accounts up to $500,000, at no cost to you. This incredible level of coverage is possible through a combination of federal insurance provided by the National Credit Union Administration (NCUA) and additional private insurance from Excess Share Insurance Corporation (ESI).

The National Credit Union Administration (NCUA), a federal agency, insures accounts at federally insured credit unions up to $250,000. This includes: Regular shares, Share drafts, Money market accounts, Share certificates, and IRA and KEOGH retirement accounts on deposit at federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government. There are no charges or fees directly assessed to members for this coverage.

Excess Share Insurance (ESI) is a private insurance option that provides additional coverage for deposits and IRA investments at federally insured credit unions. Accounts exceeding the maximum level of coverage provided by NCUA are also insured up to an additional $250,000 by ESI. ESI is not a federal or state government agency.

To keep Excess Share Insurance, we must:

• Meet ESI’s strict safety rules
• Send them our financial reports every three months
• Give them a list of accounts that qualify for extra protection

You don’t need to get your own insurance policy, and this extra protection is free for you. However, you should know that this insurance only pays out if Credit Union of New Jersey closes down and can’t give members their money back.

If either our credit union or ESI decides to change or end this extra insurance, we’ll send you a letter to let you know about any changes.

ESI is subject to licensing and regulation by your state’s insurance department. Furthermore, the company’s financial statements are audited annually by an independent CPA firm and are available upon request through the credit union.