We are pleased to inform you that your savings in this credit union are insured up to $500,000. This exceptional level of coverage is attained through a combination of federal insurance provided by the National Credit Union Association (NCUA), an agency of the federal government, and private insurance by American Share Insurance (ASI).
Excess coverage is applicable only on accounts exceeding the maximum level of coverage ($250,000) provided by the NCUA. As an example, if an individual member has a savings account, checking account and certificate of deposit at the credit union that, when added together, totals $290,000…at least $250,000 is insured by the NCUA with the remaining insured by ASI. Deposit insurance is provided on a dollar-for-dollar basis and is payable only upon the liquidation of the credit union.
To receive ASI’s additional insurance, the credit union must file required reports and pay monthly premiums. Individual policies are not provided to members. However, the credit union must track those accounts eligible for this added coverage and provide that information to ASI regularly.
Information regarding your deposit insurance coverage can be obtained by contacting the credit union. You are also welcome to contact ASI or visit their Web site at www.americanshare.com.
Federally Insured by the NCUA. Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency. NMLS# 519897.
