NEW YORK–ModernFi CUSO, which provides a deposit network for credit unions, is reporting credit unions in its network can now provide their members access to $10 million in NCUSIF insurance through a single account.

“By offering accounts with millions in extended NCUA insurance, credit union partners can further attract and retain large-value members such as businesses and municipalities, reduce reliance on rate, and support long-term member relationships,” the company said in a statement.

According to ModernFi CUSO, the growth of the CUSO deposit network has allowed network credit unions to capture  multi-million dollar deposit balances while “simultaneously delivering increased value to their members.”

The higher levels of insurance coverage helps CUs attract funds from large commercial entities, public funds, and nonprofits, ModernFi CUSO said.

‘Collaborative Effort’

“From its inception, ModernFi CUSO has been a collaborative effort with our credit union partners,” Mark Ward, VP of product and operations, said in a statement. “The growth of the network has helped us pass this important milestone; $10 million in NCUA insurance per account is a significant amount, allowing our partners to serve very large members and balances. We look forward to the continued growth of the network as higher insurance limits will only increase the value that we are able to provide to our partners.”