How does the Extended Insurance Account work?

Suppose you have $1 million that you want to safeguard and earn interest on. You can achieve this by depositing the full amount with Trailhead 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 Trailhead Credit Union
• $250,000 allocated to Credit Union 2
• $250,000 allocated to Credit Union 3
• $250,000 allocated to Credit Union 4

All of these credit unions are partnered with the ModernFi Network. 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 eliminate the need to keep track of multiple accounts at various credit unions. All of your deposits and activity across your allocated credit unions are consolidated into one statement. Additionally, the Extended Insurance Account interest rate is competitive, making it a compelling choice for individuals and businesses with substantial cash reserves.