Insured Sweep/Extended Insurance Accounts offer a high degree of security for your accounts, utilizing NCUA insurance to safeguard funds up to $250,000 per member at each participating credit union. This protection extends even in the event of a participating credit union’s failure, ensuring the continued safety of your deposits. Since the inception of the National Credit Union Share Insurance Fund in 1970, no member has lost NCUA‑insured funds due to a credit union’s failure. All accounts at NCUA‑insured credit unions are covered on a dollar‑for‑dollar basis, encompassing principal plus any interest accrued. In the unlikely event a credit union fails, the NCUA assumes the responsibility of closing the credit union, receives its assets, and settles all deposit claims. First Entertainment Credit Union works with ModernFi2 to file all required materials with the NCUA to coordinate the receipt of your funds from the failed institution. Payment starts within a few business days after the credit union closure.
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