Safe and Sound
Safe and Sound

Safe and Sound

Did you know ACCU offers more coverage for your accounts than banks?


ASI's excess share insurance provides additional security on your deposits beyond that of ACCU's primary insurer (the NCUA)... something not available to banks or other financial institutions.

American Share Insurance

First, NCUA's basic federal coverage is up to $250,000 per depositor, but accounts may be structured in different ways, such as joint, payable-on-death or IRA accounts, to achieve federal coverage of more than $250,000. For details about federal deposit insurance, or how to structure your accounts to qualify for greater federal coverage, please contact ACCU representative or the NCUA.


Second, personal accounts at ACCU exceeding the maximum level of coverage provided by the NCUA are also insured up to an additional $200,000 by ASI, for a total of $450,000.


  • All individual share, share draft and share certificates of deposit accounts held by the same member are added together and insured up to $250,000 by the NCUA and an additional $200,000 by ASI, for a total of $450,000 in protection. An individual share account is an account owned by one individual without the right of withdrawal by others. Individual accounts are insured separately from IRA and joint accounts.
  • All joint accounts held by the same member are added together and insured up to $250,000 by the NCUA and an additional $200,000 by ASI, for a total of $450,000. Joint accounts are insured separately from individual and IRA accounts.
  • All IRA accounts held by the same member are added together and insured up to $250,000 by the NCUA and an additional $200,000 by ASI, for a total of $450,000. IRA accounts are insured separately from individual and joint accounts.

Lastly, corporate accounts at ACCU exceeding the maximum level of coverage provided by the NCUA are also covered up to an additional $100,000 by ASI, for a total of $350,000.


Proven performance and policy specifics


ASI's success can be attributed to comprehensive underwriting and risk management policies. They are selective as to who they insure, and not all credit unions that apply for coverage are accepted due to strict underwriting standards. Furthermore, they examine their credit unions regularly to ensure continued safety and soundness. Also, ASI's insurance policy requires that every credit union, on a quarterly basis, 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. ACCU 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. It is important to note that excess deposit insurance is payable only upon the failure and liquidation of our credit union.

Financially sound and regulated


  • ASI's equity ratio is greater than that reported by federal deposit insurance funds.
  • The bulk of ASI's assets are held in cash and US government-guaranteed bonds and US Treasury Securities. ASI does not hold the types of investments that plagued many financial institutions and investment firms in recent years.
  • ASI is licensed by the Ohio Department of Insurance and dual regulated by the Ohio Departments of Insurance and Commerce.
  • Credit union examiners from each state in which ASI operates, including California, are invited to participate in an annual examination of the company. In addition, the Ohio Department of Insurance conducts a cyclical statutory examination of ASI; a "big four" accounting firm annually audits the company's financial statements; and, an independent actuary opines each year as to the sufficiency of the company's loss reserves.
  • ASI has always been, and continues to be, in good standing with the various insurance departments and regulators in all of their states of operation.

ASI's rating


ASI is not assigned an insurance industry rating by A.M. Best due to ASI's structure as a mutual share guaranty corporation as opposed to a traditional insurance company. Financial data and other information are supplied to rating services annually for their review and analysis. Audited financial statements are available upon request from ACCU or ASI.


Questions?


Contact us for more information.


NCUA

We carry insurance with the National Credit Union Administration (NCUA ), the credit union equivalent of the FDIC. We also elected to purchase additional coverage through American Share Insurance. That is how we are able to insure higher deposit limits than you will see at other financial institutions.


America's Christian CU offers competitive rates and a variety of savings plans to meet your needs. You can be assured that, all personal accounts are insured up to $250,000 by the NCUA (National Credit Union Administration) and $200,000 by ASI (American Share Insurance) for a total of $450,000.


All corporate accounts are insured up to $250,000 by the NCUA (National Credit Union Administration) and $100,000 by ASI (American Share Insurance) for a total of $350,000.


IRA deposits are insured separately from other deposits to $250,000 by the NCUSIF and to $200,000 by ASI. That means your IRA investment is insured up to a combined total of $450,000. Your investment dollars are definitely safe and secure. For more details, send us an e-mail or call us at 1-800-343-6328.


NCUA insurance calculator


NCUA brochure and Frequently Asked Questions


About NCUA

The National Credit Union Administration, commonly referred to as NCUA, is an independent agency of the United States government that regulates, charters and supervises federal credit unions. NCUA also operates and manages the National Credit Union Share Insurance Fund (NCUSIF). Backed by the full faith and credit of the U.S. government, the NCUSIF insures the accounts of millions of account holders in all federal credit unions and the vast majority of state-chartered credit unions