Extended Deposit Insurance
Get millions of dollars in extended deposit insurance with an Insured Sweep Account
Email us at treasury.sales@rcu.org or find a Treasury Management Officer
Our Insured Sweep Account offers organizations with large cash reserves extended deposit insurance coverage. Royal has partnered with deposit-sharing network ModernFi to offer our business Members millions of dollars in extended deposit insurance from the National Credit Union Administration (NCUA).
Increase deposit insurance coverage by distributing portions of your Royal deposits across accounts at other credit unions in the ModernFi network
ModernFi’s account portal makes it easy to view and manage multiple deposit accounts at other credit unions
You can deposit, transfer, or withdraw funds from any account at any time, and all account activity is consolidated onto one statement
By keeping all deposit account balances under the maximum NCUA insurance amount of $250,000, every dollar remains insured
Deposits earn a competitive interest rate, which rewards businesses with substantial cash reserves
Frequently Asked Questions
Do I need to manage multiple accounts at different credit unions?
No. Even though your business funds are distributed across multiple credit unions, the entire experience is managed through ModernFi's account portal. All account activity is consolidated onto one statement, making it easy to view and manage everything in one place. Your business maintains its Membership and accounts with Royal Credit Union while benefiting from insurance coverage across the network.
Can I access my money at any time?
Yes. You can deposit, transfer, or withdraw funds from any account at any time. The Insured Sweep Account is designed to give your business full flexibility with your funds while keeping every dollar accessible and insured through the NCUA.
Do my deposits earn dividends with Extended Deposit Insurance?
Yes. Deposits in the Insured Sweep Account earn a competitive interest rate, which rewards depositors with substantial cash reserves.
What is ModernFi?
ModernFi itself is not a credit union; it is a deposit-sharing network that Royal Credit Union has partnered with to offer extended deposit insurance.
