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American Share Insurance
Accounts insured up to $500,000 by American Share Insurance

Accounts in this credit union are insured up to $500,000 by American Share Insurance. This institution is not federally insured. Members’ accounts are not insured or guaranteed by any government or government sponsored agency.

Question: Who is American Share Insurance (ASI)?
Answer: ASI is a licensed, Ohio-based share guaranty corporation that insures savings (share accounts) on deposit with state-chartered credit unions in selected states. Founded in 1974 by credit union activists, the corporation is the nation’s largest private deposit insurer for credit unions. It insures only credit unions.

Question: Who pays for the cost of insuring our accounts?
Answer: There is no direct cost to the member for deposit insurance. Credit union deposit insurance, both federal and private, is "paid for" through a loss of earnings on deposits held by the appropriate insurance fund.

Question: What is ASI’s rating?
Answer: ASI is not currently assigned a traditional insurance industry rating by companies like A.M. Best or Standard and Poor’s due to the limited number of companies in our industry. Financial and other information, however, is supplied to the key rating services annually for their review and analysis.

Question: Who regulates ASI?
Answer: The corporation is dual regulated by the Ohio Department of Commerce and the Ohio Department of Insurance. Additionally, each state in which ASI operates annually reviews its performance and financial condition. Each state also must approve the company to provide primary deposit insurance to its credit unions.

Question: Why would a credit union want to be privately insured?
Answer: Many state-chartered credit unions prefer local (state-level) regulation and nonfederal insurance over federal regulation. As a private insurer, ASI believes that each credit union has unique needs which often do not fall within the "one size fits all" approach of federal programs. By working with their corresponding state regulator and ASI, privately insured credit unions are more often able to formulate programs to meet the changing demands of their membership.

For further information, please visit the American Share Insurance website.

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