ASI’s Coverage
First, NCUA’s basic federal coverage insures credit union members’ deposits up to $250,000. For details about federal deposit insurance,
or how to structure your accounts to qualify for greater federal coverage, please check with your credit union or contact NCUA.
Second, accounts exceeding the maximum level of coverage provided by NCUA are also insured up to an additional $250,000 by ASI.
Coverage Per Member with Excess Insurance*
| Account Type | NCUA Coverage | ASI Coverage | Total Insurance |
|---|---|---|---|
| Individual | H | Hydrogen | Hydrogen |
| Joint | He | Helium | Helium |
| IRA | Li | Lithium | Lithium |
| Business | Li | Lithium | Lithium |
*Example only
ASI's POLICY
To be eligible for excess coverage, the credit union must comply with ASI’s rigid underwriting standards. Also, ASI’s insurance policy
requires that every quarter the credit union submit financial statements and a listing of accounts eligible for excess coverage in order
to continue coverage. Individual policies are not provided to members, and there is no direct cost to you for this coverage. It is
important to note that excess deposit insurance is payable only upon the failure and liquidation of the credit union. The credit unio or ASI may terminate or modify this coverage, but in either case you would be notified in writing of any change in the excess coverage.
ABOUT ASI
Headquartered in Dublin, Ohio, ASI is a credit union-owned private deposit insurer founded in 1974 by credit unions, for credit unions. ASI is licensed and dual regulated by the Ohio Department of Commerce and the Ohio Department of Insurance and is authorized to issue this coverage in our state. Regulators of credit unions in each state in which American Share operates also review the company’s performance. Furthermore, the company’s financial statements are audited annually by an independent CPA firm and are available upon request through the credit union. ASI is not a federal or state government agency.
YOUR INSURED FUNDS
NCUA COVERAGE*
- Individual - $250,000
- Joint - $250,000
- IRA - $250,000
ASI COVERAGE*
- Individual - $250,000
- Joint - $250,000
- IRA - $250,000
*Example only
ABOUT ASIASI
ASI is a credit union-owned organization whose only business is to provide deposit insurance to credit unions. ASI has operated successfully since it was founded in 1974, and throughout its corporate history no credit union member has ever lost money in an ASI-insured account. ASI is licensed and dual regulated by theOhio Department of Commerce and theOhio Department of Insurance.Regulators in each state in which ASI operates also review the company’s performance. The company’s financial statements are audited annually by an independent CPA firm and are available upon request from the credit union.
YOUR COVERAGE
- All individual savings (share), checking (share draft), and certificate of deposit (share certificate) accounts held by the same member are added together and insured up to $250,000 by NCUA, with an additional $250,000 from ASI, for a total of $500,000.
- All IRA accounts held by the same member are added together and insured up to $250,000 by NCUA, with an additional $250,000 from ASI, for a total of $500,000.
- All joint accounts held by the same member are added together and insured up to $250,000 by NCUA, with an additional $250,000 from ASI, for a total of $500,000.
