Suppose you have $1 million that you want to safeguard and earn interest on. You can achieve this by depositing the full amount with First Entertainment Credit Union through an Extended Insurance Account. The money is then distributed into smaller portions and placed in demand deposit accounts at various credit unions within the network. The first $250,000 will be allocated to First Entertainment Credit Union, another $250,000 to Credit Union 2, an additional $250,000 to Credit Union 3, and the remaining $250,000 to Credit Union 4. This allocation helps ensure that each dollar is covered by NCUA share insurance, in an amount up to the maximum of $250,000 per share owner per credit union. Using these Extended Insurance Accounts eliminates the need to keep track of multiple accounts at various credit unions. All of your accounts and activity across your allocated credit unions are consolidated into one statement.
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