Extended Deposit Insurance
Get millions of dollars in extended deposit insurance with an Insured Sweep Account
Email us at [email protected] or find a Treasury Management Officer
Eligible organizations in Wisconsin and Minnesota use Royal Credit Union's extended deposit insurance program to obtain additional federal insurance coverage for deposit balances that exceed $250,000. 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
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.
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.
Yes. Deposits in the Insured Sweep Account earn a competitive interest rate, which rewards depositors with substantial cash reserves.
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.
Article
Start a Business
Financial Education
Answers To Questions About Venmo, Zelle, And Other Payment Apps
Financial Education
Debit Cards
Help & How To
Payments Made Easy
Help & How To
Foreign Currency
Help & How To
All About Wires
Financial Education
Debit Cards vs. Credit Cards
Leaving Royal Credit Union
You are being directed to a third-party website with privacy and security policies that may differ from Royal’s. Royal is not responsible for, does not endorse, and does not guarantee the content of the third-party website.