What really sets Skyla apart is that we insure your deposits up to $500,000 through the National Credit Union Administration (NCUA) and Excess Share Insurance Corporation (ESI)… at no additional cost to you! If you’re not super familiar with credit unions, here’s some bonus info on how your money is protected!
Skyla is a federally chartered financial institution - regulated by the National Credit Union Administration (NCUA) - and is federally insured by the National Credit Union Share Insurance Fund (NCUSIF). Much like the FDIC for banks, the NCUSIF is backed by the full faith and credit of the U.S. government. And, like the FDIC, the NCUSIF insures each depositor up to $250,000.
Learn more about NCUA and how it protects credit union depositors. Want to know your coverage amount? You can calculate your individual insurance benefit by using the NCUA insurance calculator.
In addition to the $250,000 coverage provided by NCUA, Skyla members with higher deposits have an additional $250,000 deposit insurance through Excess Share Insurance Corporation (ESI) - the nation’s largest provider of deposit insurance for credit union consumers with balances in excess of the basic $250,000 NCUA provided insurance. This means your deposits are insured up to $500,000! Learn more about ESI.