Hawaii Central Federal Credit Union raises insurance coverage on deposits
HONOLULU, HI (February 3, 2023) — 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.
About Hawaii Central Federal Credit Union
Hawaii Central Federal Credit Union is currently recognized by FORBES as one of the top Credit Unions in the State of Hawaii. Founded in 1937, Hawaii Central Federal Credit Union is a member-owned, not-for-profit financial institution serving nearly 17,000 members and has over $305 million in assets. Membership is open to all individuals who live, work, worship or attend school on Oahu. Businesses and other legal entities on the island are also eligible for membership.
