Case Study: 5Point Credit Union retains a $9 million account and extends NCUA insurance with ModernFi

5Point Credit Union - Customer Case Study

5Point Credit Union, a financial institution with over $950 million in assets, faced a significant member retention challenge when the beneficiary of a large account threatened to withdraw $9 million due to concerns over deposit insurance coverage. To address this, they turned to their vendor, ModernFi, and its deposit network service.

By leveraging ModernFi's network, 5Point Credit Union was able to offer the member an account with extended NCUA insurance, which provided up to $9 million in coverage. This solution successfully retained the member and the entire account balance. The financial impact was substantial, as keeping these funds allowed 5Point to support over $8 million in loans and generate more than $250,000 in net interest margin.

5Point Credit Union