NCUA & ESI Insurance

NCUA Coverage
All DayMet accounts are insured for up to $100,000 through the NCUA and Individual Retirement Accounts (IRA's) are insured for up to $250,000. Each account is insured individually; that means a wife, a husband and their joint accounts are all insured separately. Until December 31, 2013 the $100,000 NCUA insurance will be increased to $250,000. The $250,000 IRA coverage remains the same.

NCUA is a federal insurance program but is not the Federal Deposit Insurance Corporation (FDIC) used by banks. The similarity of both products is the fact that each provides insurance for deposits.

Excess Share Insurance
In addition to the NCUA insurance coverage, DayMet automatically provides Excess Share Insurance (ESI) coverage at no cost to members whose accounts exceed the $250,000 covered by the NCUA including IRA's that exceed $250,000. ESI could add up to an additional $250,000 in deposit coverage. This means deposits and IRA's are covered for up to $500,000.

NCUA insured credit unions including DayMet Credit Union have never lost a cent in insured deposits. DayMet continues to surpass the NCUA's requirements for federal insurance and we remain safe, sound and solid as a financial institution.