Your insured funds at Mill City.
Mill City is insured by the National Credit Union Administration (NCUA) federal insurance program. NCUA insurance is similar to the Federal Deposit Insurance Corporation (FDIC) product in the fact that it provides insurance for members’ deposits. Through NCUA, individual savings and retirement accounts (IRAs) are each insured up to $250,000.
In addition to the NCUA insurance coverage, Mill City provides Excess Share Insurance (ESI) coverage at no direct cost to members. ESI could add up to an additional $250,000 in deposit coverage. This could mean deposit insurance coverage up to $500,000 each for individual savings and retirement accounts (IRAs).
NCUA insured credit unions, including Mill City, have never lost a cent in insured deposits. Mill City continues to surpass the NCUA’s requirements for federal insurance and we remain a safe, sound financial institution.