Careers | ModernFi

ModernFi, Inc., ModernFi Deposit Services LLC, and ModernFi CUSO LLC (collectively, “ModernFi”) are not FDIC-insured banks and are not NCUA-insured credit unions, and deposit insurance covers the failure of an insured bank or an insured credit union. Certain conditions must be satisfied for “pass-through” FDIC or NCUA deposit insurance coverage to apply. ModernFi, Inc. and ModernFi Deposit Services LLC provide services to NBID LLC (“NBID”), operate NBID’s deposit network, and provide services to NBID member banks. ModernFi, Inc., ModernFi Deposit Services LLC, and ModernFi CUSO LLC provide services to the ModernFi CUSO network and its participating credit unions.
Deposit placement through the NBID network and the ModernFi CUSO network is subject to the terms, conditions, and disclosures in governing agreements, including such agreements between ModernFi, NBID, and each participating depository institution, as well as the applicable terms and conditions between each participating depository institution and its customers. Deposits placed through the NBID network at FDIC-insured depository institutions are eligible for FDIC deposit insurance coverage at the network depository institutions. Deposits placed through the ModernFi CUSO network at NCUA-insured depository institutions are eligible for NCUA share insurance coverage at the network depository institutions.
“Depository institutions” are the insured depository institutions that may place and receive customer deposits through the NBID network or the ModernFi CUSO network. To meet the conditions for pass-through FDIC or NCUA deposit insurance, deposit accounts at network institutions are titled and recorded in accordance with FDIC or NCUA regulations for pass-through insurance coverage. Although deposits are placed in increments that do not exceed the SMDIA (FDIC) or SMSIA (NCUA) at any one depository institution, a depositor’s balances at the institution that places deposits may exceed those limits before settlement for deposits or after settlement for withdrawals. The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement satisfies any restrictions on its deposits.
The figures, institutions, and individuals shown throughout this site are illustrative and hypothetical, and may not represent actual or expected results or any real customer or network member. Network visualizations are stylized and may not depict actual members, locations, or fund movements. Where coverage is shown, deposits are eligible for pass-through FDIC or NCUA coverage, subject to the conditions above, up to $250,000 per depositor per institution; any aggregate coverage shown is illustrative and depends on the number of network institutions and individual deposit amounts.

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