Excess Share Insurance (ESI) Coverage Termination

Since July 2005, the Excess Share Insurance Corporation (“ESI”) has provided supplemental deposit insurance coverage for your Department of Commerce Federal Credit Union accounts that exceeded the federal insurance limit. Effective August 1, 2024, the excess deposit insurance provided by ESI will no longer be available.

Protecting your savings is one of our major objectives. Your savings, up to $250,000 per member for aggregate IRA accounts and separately up to $250,000 per member for non‐IRA accounts, will continue to be protected by federal deposit insurance, as provided by the National Credit Union Share Insurance Fund (“NCUSIF”); however, deposits that exceed these federal insurance limits will no longer be insured. It may be possible to restructure your accounts to increase the amount of NCUSIF insurance coverage. For suggestions on how you might expand your current share insurance        coverage under the NCUSIF, please visit the NCUA’s Your Insured Funds booklet under Brochures and Videos at https://ncua.gov/consumers/share-insurance-coverage.

We thank you for your support of DOCFCU and for helping us to become a strong, growing leader in financial services. We look forward to continuing to service your financial needs in the future. If you have any questions regarding this change in deposit insurance coverage or the insurance protection offered by the NCUSIF, please contact our Member Service Center at 202-808-3600 or 888-626-9845. As always, we thank you for your membership.