In January, the Hawaii Central Federal Credit Union (HCFCU) Board approved an increase to its excess share insurance policy with the Excess Share Insurance Corporation (ESI). Members’ deposit accounts at HCFCU are now insured up to $750k through a hefty policy with ESI and the basic federal insurance with the National Credit Union Administration (NCUA).
HCFCU is the only financial institution in the state to offer excess share insurance and has offered this coverage for over 5 years. “We are proud to stand alone in this category as the only financial institution in the state offering excess share insurance to protect our members’ funds on deposit,” said President Drake Tanabe.
“People will feel safe knowing that their funds are insured and protected. We are committed to providing our members with peace of mind,” added Operations Manager Isabel Navarro who hears from members concerned about economic uncertainty.
All checking, savings, certificate, holiday savings, Individual Retirement Account (IRA), and IRA certificate accounts are covered. With a video banking option that was introduced in October 2021, opening an account with HCFCU is easy and can be done from home by visiting the HCFCU website at www.hawaiicentral.org.