Columbus Metro is dedicated to protecting your hard-earned money.
We provide up to $500,000 in federal and private deposit insurance so that
you can feel confident that your deposits are safe and secure.
Your deposits at Columbus Metro are covered by two layers of insurance. The
first layer is provided by the National Credit Union Share Insurance Fund, an
arm of the National Credit Union Administration and a U.S. government agency.
The NCUSIF insures your non-retirement deposits at Columbus Metro up to
$250,000, while retirement deposits — including traditional and Roth IRAs —
are insured separately up to $250,000.
If you have accounts at both Columbus Metro and Telhio Credit Union, your
deposits will be insured separately until August 28, 2021 (and possibly longer
in the case of certificates). After that date, your deposits with both credit
unions will be combined for insurance purposes.
Click here
for complete details.
Federal deposit insurance
Your federal share insurance is similar to the deposit protection offered by
the Federal Deposit Insurance Corporation (FDIC). Each credit union approved
for NCUSIF share insurance must meet high standards of safety and soundness
in its operation, and adherence to these standards is determined regularly
by federal examiners.
As a member of an insured credit union, you do not pay directly for your share
insurance protection. Columbus Metro pays into the NCUSIF a deposit and an
insurance assessment based on the total amount of insured shares and deposits
in the credit union.
The fund is currently at the strongest and best-reserved level in its history.
Historically, deposit insurance funds strive for a ratio of equity to insured
savings of at least one percent. The NCUSIF ratio of equity to insured shares
and deposits normally ranges from 1.25 percent to 1.30 percent.
If you would like more detailed information on the National Credit Union Share
Insurance Fund, or would like to see examples of how accounts are insured, click
here
for the National Credit Union Administration's Your Insured Funds brochure.
NCUA's web site also offers a tool that allows you to
calculate the NCUA coverage on your accounts. You may also call the
experts at the NCUA Insurance Call Center
at 800.755.1030, extension 1, from 8:00 a.m. to 6:30 p.m. Monday through Friday.
Private deposit insurance
To protect your savings with the highest level of insurance available, Columbus
Metro has chosen to provide up to an additional $250,000 of savings protection
through Excess Share Insurance. This excess share insurance coverage applies to
any credit union account that exceeds NCUA's maximim coverage. Our ESI coverage
means that your non-retirement deposits are insured up to $500,000, and your
retirement deposits are insured separately up to $500,000.
Excess share insurance is available only to qualifying credit unions meeting
rigid underwriting requirements and providing monthly financial information to
ESI. To receive ESI's added insurance we must file required reports and pay
monthly premiums.