An Enhanced Protection Account provides millions of extended NCUA insurance on your deposits by distributing your balances in amounts under the $250,000 threshold to partner credit unions in the ModernFi network. By placing funds under the limit, your entire balance can be insured by the NCUA. These accounts combine to provide you with extended insurance coverage.

ModernFi is a network of credit unions that PriorityONE has joined to help better protect your balances by distributing funds across partner credit unions to offer extended NCUA share insurance.

Let’s say you want to safeguard $1 million while still earning interest. With PriorityONE’s Enhanced Protection Account, you can deposit the full amount into one PriorityONE account. Behind the scenes, your funds are distributed to partner credit unions in amounts under the $250,000 NCUA insurance threshold.

For example, the first $250,000 may remain at PriorityONE, while the next portions are placed with other partner credit unions in the network. Because each portion stays within the NCUA insurance limit, your full $1 million is protected.

The benefit? You don’t have to open or manage multiple accounts. All your deposits and transactions appear in one easy-to-read PriorityONE statement. Plus, our Enhanced Protection Account offers a competitive interest rate, making it a smart choice for businesses and individuals with significant cash reserves.

You control the account just like a regular account. The portal allows you to view your balance and request withdrawals from your enhanced protection account. If you would like to deposit funds, you can do so directly with the PriorityONE team!

PriorityONE manages and oversees your allocation, ensuring funds are distributed to demand deposit accounts within the network.

The Enhanced Protection Account offers a high degree of security for your deposits, utilizing NCUA insurance to safeguard funds up to $250,000 per member at each participating credit union. This protection extends even in the event of a participating credit union’s failure, ensuring the continued safety of your deposits. Since the inception of the National Credit Union Share Insurance Fund in 1970, no member has lost NCUA-insured funds due to a credit union’s failure. All accounts at NCUA-insured credit unions are covered on a dollar-for-dollar basis, encompassing principal plus any interest accrued. For more information on NCUA insurance, please visit here https://ncua.gov/consumers/share-insurance-coverage

Opening an Enhanced Protection Account is quick and easy with PriorityONE . Simply contact us at 954-335-5100 Opt.2 to open an account and start taking advantage of the benefits today!

After account opening, you will gain access to the “Member Portal” to view details on your Enhanced Protection Account. You can view statements and your allocations throughout the network at any time, so you always know your money is safe with credit unions you know and trust.