ArrowPointe FCU increases coverage for members deposits
March 18, 2019
Gone are the days where you needed multiple banks in order to guarantee coverage. Now, York, Lancaster and S.E. Chester County residents can have one place to keep their deposits safe up to $500,000. ArrowPointe Federal Credit Union has partnered with Excess Share Insurance Corporation (ESI) to increase the amount of deposits that are guaranteed for their members.
Tim Lyda, CEO for ArrowPointe says “Being able to offer this prestigious benefit for members, will help them have peace of mind when banking with ArrowPointe, because we can help them keep their money safe, no matter what. We are excited to be the fourth credit union in the state of South Carolina to offer this benefit to our members.”
ESI adds an additional $250,000 insurance coverage on top of the $250,000 already provided by the National Credit Union Administration (NCUA) totally $500,000 in deposit coverage. This is a selective process that credit unions apply for, with only a few credit unions passing the ESI strict standards. There are only 200 credit union nationwide in 32 states that utilize this extra protection for their members. By having this added protection for members, it can reduce the number of banking institutions people will need to keep their money safe. This is great for people that have IRAs, money market account and certificates with large balances that they have at other banks or credit unions.
Joining ArrowPointe FCU and having peace of mind with your money couldn’t be easier. If you live, work, worship or attend school in York, Lancaster or Southeast Chester Counties, you can join to.