Frequently Asked
The 5 Questions Credit Unions Ask ModernFi CUSO
Answered by Our Credit Union Members
When a credit union is evaluating extended NCUA insurance, the same handful of questions come up every time. Rather than answer them ourselves, we pulled the answers straight from the credit unions already running the program.
In their words
Question 01
How long does implementation actually take?
Onboarded in under 30 days · 18 accounts · ~$30M in network deposits
“The onboarding experience was good, clean, and an overall easy process.”
Angela Pearson
Senior Business Operations Officer, Maps Credit Union
Question 02
Is this only worth it for large credit unions?
$100M+ in assets · 6,500+ members · 3% annualized deposit growth from a single product
“We’re a smaller credit union, but we do big things. We’ve always been a relationship-first credit union. We just needed the right product to help members bring their full relationships to us.”
Dawn Lamb
VP of Operations, Commodore Perry Federal Credit Union
Question 03
How much will my frontline team have to figure out on their own?
Onsite kickoff and training · Weekly meetings and mock calls · ModernFi CUSO joins member conversations as needed
“Having ModernFi CUSO on member calls, answering questions, helping explain the product made all the difference. It gave us the confidence to build those relationships and get members across the finish line.”
Monica Jensen
Branch Manager, Commodore Perry Federal Credit Union
Question 04
What problem does this actually solve for a member?
100K members · Multiple municipalities live within 5 months of onboarding
“ModernFi CUSO gave us a simple, credible ‘yes’ for municipalities that was fully insured, immediately liquid, and still locally served.”
Jeremy Zager
Chief Financial Officer, Dort Financial Credit Union
Question 05
How does this help us compete in a crowded market?
Competing against 60 financial institutions in Hawaiʻi · Net new accounts over $500K within three months
“It’s another tool in our toolbox. We use that a lot. It provides options for our staff to have easier conversations and options for our members as they go along their life journey.”
Scott Kaulukukui
President & Chief Executive Officer, Lōkahi Federal Credit Union
And one more, from a CFO
“We’ve been able to have flexibility with moving funds when liquidity is necessary. Last Friday, we received a $3.8 million deposit that we didn’t need on the balance sheet, and we were able to sweep it off through ModernFi CUSO. The ability to manage our deposit portfolio is really valuable.”
Jeremy Hinton
Chief Financial Officer, Innovations Financial Credit Union
ModernFi, Inc., ModernFi Deposit Services LLC, and ModernFi CUSO LLC are not NCUA-insured credit unions. Deposit insurance covers the failure of an insured credit union, not ModernFi or ModernFi CUSO. Deposits are placed at insured network institutions and are eligible for pass-through insurance up to $250,000 per institution. Certain conditions must be satisfied for pass-through NCUA deposit insurance coverage to apply. A list of participating credit unions appears at https://www.modernfi.com/credit-union-list. Quotes are from ModernFi CUSO partner credit unions and reflect their individual experience; results may vary.
