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Excess share insurance information for members of credit unions insured by American Share Insurance (ASI).
All credit unions are subject to either state or federal licensing and regulation and operate in a safe and sound manner with their members’ best interest in mind. All federally chartered credit unions, and many state-chartered credit unions, are federally insured by the NCUA; whereas, state-chartered credit unions in nine states may be insured by the NCUA or American Share Insurance (ASI), a credit union-owned private insurer of credit union savings. For more information ASI’s primary share insurance program, click here.
Step 1: Determine if your credit union has ESI insurance
Not every credit union qualifies for ESI’s unique excess share insurance program. To be insured by ESI, a credit union must first satisfy ESI’s strict underwriting standards then subject itself to mandatory quarterly reporting, on-going monitoring and field examination by ESI. To determine if your credit union currently has ESI excess share insurance, first check our map of states of operation to assure the availability of our program in your state, then contact us for confirmation regarding your specific credit union.
Step 2: Determine how much insurance you have with ASI
Under ASI’s primary share insurance policy, each individual member’s account is insured to $250,000 without limit to the number of accounts an individual member has with the credit union. Unlike federal share insurance from NCUA, savings, checking and certificate of deposit accounts are not pooled and limited to $250,000 but each separate account is covered to $250,000. An example for an individual member follows:
| Account Type |
Federal
Insurance |
ASI
Insurance |
| Regular Shares (Savings) |
$250,000 |
$ 250,000 |
| Certificate of Deposit #1 |
$ 250,000 |
| Certificate of Deposit #2 |
$ 250,000 |
| Checking Account |
$ 250,000 |
| Total Insurance |
$250,000 |
$1,000,000 |
Step 3: Determine how much ESI coverage you actually have
Generally, ESI’s excess share insurance provides coverage in an amount of up to $250,000 per insured account as defined by ASI’s contract with the credit union, together affording individual members as much as $500,000 in total coverage. Excess share insurance coverage may be less than $250,000, or further limited by account class through ESI’s contract with your credit union. To determine the nature and extent of the excess insurance coverage at your credit union, please contact the credit union directly or contact us.