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Update to Excess Share Insurance Coverage
July 28, 2016
Re: Update in Insurance Coverage for Accounts in Excess of $250,000
You may already know that the National Credit Union Share Insurance Fund (NCUSIF) which is administered by the National Credit Union Association federally insures up to $250,000 of your Mid-Atlantic Federal Credit Union (MAFCU) combined share, share draft and share certificate accounts. The NCUSIF also insures up to $250,000 of your combined IRA accounts separately.
In addition, MAFCU currently offers supplementary coverage through the Excess Share Insurance Corporation (ESI). ESI added an additional $250,000 in coverage of funds. As of 9/1/2016, Mid-Atlantic Federal Credit Union will no longer offer additional private insurance provided by ESI. Your insured funds limit will revert to the standard $250,000 covered by the NCUSIF.
Member financial peace of mind is extremely important to us. If you have share or IRA balances that exceed the federally insured limits covered by the NCUSIF, please visit your nearest MAFCU branch or call 1-800-95-MAFCU at your earliest convenience to discuss your available options. Our Member Service Representatives can advise you on ways you can distribute your funds in order to take advantage of the safety and security of the NCUSIF which is backed by the full faith and credit of the United States.
We thank you for your business and look forward to serving you.
Mid-Atlantic Federal Credit Union