Opening a Share Account is Easy!
If you live, work, worship or attend school in Franklin County, Canton, Fayette, Hartford, Leeds, Livermore, Livermore Falls, Mount Vernon, Readfield, Turner, Vienna, Wayne, you are on the way to becoming a member of OTIS Federal Credit Union. Simply open a share (savings) account with as little as $25.00. Your $25.00 savings account becomes your ownership share in the credit union.
You are now a member and part owner! This is what makes OTIS Federal Credit Union different from other financial institutions.
Relatives of current members are also eligible to join.
Share Insurance Overview
The National Credit Union Share Insurance Fund (NCUSIF) is the federal fund created by Congress in 1970 to insure member’s deposits in federally insured credit unions. On July 22, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law and included permanently establishing NCUA’s standard maximum share insurance amount at $250,000. All deposit insurance resources reflect this higher level of coverage.
Administered by the National Credit Union Administration, the NCUSIF is backed by the full faith and credit of the U.S. Government.
Accounts exceeding the maximum level of coverage provided by the NCUA are also insured up to an additional $250,000 by ESI.
Excess Share Insurance
ESI’s coverage provides up to an additional $250,000 of insurance once a members’ balance exceeds the coverage provided by the credit union’s primary insurer NCUA.
All individual share, share draft and share certificates of deposit accounts held by the same member are added together and insured up to $250,000 by the NCUA and an additional $250,000 by ESI, for a total of $500,000. An individual share account is an account owned by one individual without the right of withdrawal by others. Individual accounts are insured separately from IRA and joint accounts.
All joint accounts held by the same members are added together and insured up to the $250,000 by the NCUA and an additional $250,000 by ESI, for a total of $500,000. Joint accounts are insured separately from individual and IRA accounts.
All IRA accounts held by the same member are added together and insured up to the $250,000 by NCUA and an additional $250,000 by ESI, for a total of $500,000. IRA accounts are insured separately from individual and joint accounts.