At South Jersey Federal Credit Union, your deposits are insured up to $350,000.

This exceptional level of coverage is attained through a combination of federal insurance provided by the National Credit Union Share Insurance Fund (NCUSIF) - the credit union counterpart of FDIC - and private insurance by the Excess Share Insurance (ESI) Corporation.

First, NCUSIF insures deposit accounts up to $100,000. Second, South Jersey Federal Credit Union has chosen to provide an additional $250,000 of deposits coverage, at no cost to members, to qualifying accounts through ESI, a licensed property and casualty insurance company. Members exceeding the maximum level of coverage provided by the NCUSIF are now insured up to an additional $250,000 by ESI. For example, if a member has a savings account, checking account and certificate of deposit at the credit union that, when added together, totals 140,000…$100,000 is insured by the NCUSIF, with the remaining $40,000 insured by ESI.

Generally, if a credit union member has more than one account, those accounts are added together and insured up to $350,000. Joint, individual retirement and certain other account relationships are insured separately and are subject to other federal guidelines regarding insurance. Individual Retirement Accounts (IRAs) are subject to separate coverage by NCUSIF up to $250,000 and are insured up to $500,000 with the addition of ESI's maximum coverage.

The Excess Share Insurance Corporation is a subsidiary of American Share Insurance, the nation's largest private deposit insurer for credit unions.