Enjoy peace of mind with millions in extended NCUA share insurance*
Quest Federal Credit Union offers the Extended Insurance Account, a unique product that provides you access to millions in extended NCUA (National Credit Union Administration) share insurance through participating credit unions, while you maintain only one account with Quest Federal Credit Union.
Secure and protect your funds, up to $15M, all conveniently managed in one place through a single account.
What is the Extended Insurance Account?
An Extended Insurance Account provides millions of extended NCUA insurance on your deposits by distributing your balances in amounts under the $250,000 threshold to partner credit unions in the ModernFi network. By placing funds under the limit, your entire balance can be insured by the NCUA. These accounts combine to provide you with extended insurance coverage.
Extended Insurance Accounts allow you to maintain the flexibility and simplicity of a single account, while Quest Federal Credit Union’s technology manages fund placement and gives you 24/7 transparency into which credit unions are holding your deposits.
What is ModernFi?
ModernFi is a network of credit unions that Quest Federal Credit Union has joined to help better protect your balances by distributing funds across partner credit unions to offer extended NCUA share insurance.
What are the benefits of an Extended Insurance Account?
- Extended Federal Insurance: Make your business deposits eligible for protection backed by the full faith and credit of the federal government*
- Single Banking Relationship: Enjoy extended NCUA share insurance without the hassle of multiple accounts
- Earn Interest: Grow your account with interest earned on your entire balance
- Continuous Transparency: Always know your deposits are allocated safely at other credit unions you know & trust
With all the convenience of a standard deposit account:
- Full Control of Your Funds: Deposit, transfer, and withdraw money at any time, just like a regular transaction account
- Simple Account Opening: Just accept Terms & Conditions during standard account opening to get started
- Support the Community: Be proud that your funds will continue to support mission-driven credit unions
How does it work?
1. Initial Deposit
Deposit funds up to 15 million dollars into a Quest FCU Extended Insurance Account
2. Auto-Sweep
Our system will distribute any funds across partner institutions as needed securing your total deposited amount
3. Easily Access with Full Visibility
Access all your funds through a single primary account with full visibility to track all movements and balances in real-time
* Insurance provided through program credit unions (subject to certain conditions)
Quest Federal Credit Union is an Equal Housing Lender and a member of the NCUA. While Quest Federal Credit Union is an NCUA member, the program itself is not an NCUA-insured product. Under the program, your funds are deposited into deposit accounts at participating banks and other financial institutions, each of which is insured by the NCUA for up to the current Standard Maximum Share Insurance Amount (SMSIA) of $250,000 per eligible depositor.
Funds participating in the Quest FCU Extended Insurance Account are deposited into accounts at participating credit unions, which are insured by the National Credit Union Association (NCUA) for up to $250,000 for each category of legal ownership, including any other balances you may hold directly or through other intermediaries, including broker-dealers. The total amount of NCUA insurance for your account depends on the number of credit unions in the program. If the balance in your account is greater than the NCUA insurance coverage in the program, any excess funds will not be insured. Please read the Program Terms and Conditions carefully before depositing money into the program and for other important customer disclosures and information. To assure your NCUA coverage, please regularly review credit unions in which your funds have been deposited, and notify Quest FCU immediately if you do not want to allocate funds to a particular credit union or credit unions.