Case Study: Columbia Credit Union wins a multi-million nonprofit deposit relationship with ModernFi Extended Insurance

Columbia Credit Union Winning Nonprofit Business with ModernFi’s Extended Insurance

Columbia Credit Union, a $2.4 billion institution, needed to serve large nonprofit depositors whose policies required full federal deposit insurance. Without a solution, the credit union was missing out on significant business opportunities and losing deposits to competitors. They evaluated multiple options but found that only ModernFi's Extended Insurance service could meet their specific regulatory and operational needs.

By implementing ModernFi's solution, Columbia Credit Union gained the ability to offer up to $15 million in extended NCUA insurance. This allowed them to immediately win a multi-million dollar nonprofit deposit relationship that was contingent on full insurance coverage. The partnership with ModernFi not only solved an immediate challenge but also positioned the credit union to confidently pursue and win more nonprofit business in the future.

Columbia Credit Union

Marc Satterlee

VP of Business Services