Response To Recent Bank Failures
In response to this weekend’s headlines regarding a bank failure, we want to assure our members that Education First Credit Union is financially strong and well-capitalized. Your money is safe here. When you join Education First Credit Union, your funds are insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), which is backed by the full faith and credit of the United States government.
Additionally, consumer (non-business) account holders have access to an additional $250,000 of insurance through the Excess Share Insurance Corporation (ESI), a licensed insurance company, for a total of up to $500,000 in account insurance.
The NCUA (National Credit Union Administration) only insures credit union’s deposits. The NCUA is an agency of the United States Government, much like the FDIC (Federal Deposit Insurance Cooperation), providing bank coverage.
Your credit union is a not-for-profit cooperative owned by you and other Education First Credit Union members.
Education First Credit Union is locally-based in Columbus, Ohio and governed by a bonded, volunteer Board of Directors. We remain a safe place to store your hard-earned deposits.
Our members enjoy the assurance of knowing their accounts are safe.
We are here to answer any questions you may have, just as we have been since 1936.
Additional resources further explaining NCUSIF & ESI Share Insurance: