By member choice, the Credit Union is not federally insured. The Credit Union is privately insured by American Share Insurance. It is a share guaranty corporation that reflects the philosophy of the credit union movement – member-owned, not-for-profit, and community-based is the best way to operate.
Founded in 1974 by credit union activists, the corporation is the nation‘s largest private deposit insurer for natural person credit unions and only insures deposits in credit unions. Currently, over 1.2 million members belong to credit unions insured by ASI. No credit union member has ever lost money in any ASI-insured credit union account.
Check out the ASI fact seet, click here.
Private insurance allows members more of a choice when it comes to account ownership and how to deposit funds. ASI insures each and every account of an individual member up to $250,000 without limitation as to the number of accounts held:
|PRIVATE INSURANCE COVERAGE|
|Individual Member’s Account||Per Account|
|Share Savings||$ 250,000|
|VIP Checking||$ 250,000|
|Money Market||$ 250,000|
|Certificate of Deposit #1||$ 250,000|
|Certificate of Deposit #2||$ 250,000|
|Vacation Club||$ 250,000|
|TOTAL DEPOSIT INSURANCE||$ 1,500,000|