Home > Excess Share Insurance > Program Details
Below is a basic overview of the ASI excess share insurance program. For more specific details, please contact us.
Up to $250,000 of additional coverage.
NCUA’s coverage is generally $250,000 for the sum of all savings, certificates and checking accounts, and $250,000 on an individual retirement account. Members exceeding the maximum level of insurance coverage provided by the NCUA are then insured up to an additional $250,000 by ASI’s excess share insurance. This provides credit union members with coverage up to $500,000 for the sum of all savings, certificates and checking accounts, and $500,000 for an individual retirement account.
For credit unions with ASI’s primary share insurance, which provides coverage of $250,000 per account, ASI’s excess share insurance adds an additional $250,000 in coverage. This makes each account of a credit union member insured up to $500,000.
History of helping share growth.
The average credit union realizes significant growth in previously uninsured balances after acquiring excess share insurance. Over the first three years of coverage, on average, our excess insured credit unions grow their previously uninsured shares by 21% per year!
Exclusive to credit unions.
ASI's excess share insurance is available only to credit unions, it offers your credit union a competitive advantage over local banks or other investments that lack any form of insurance (i.e. stocks, mutual funds, etc.).
Cost of coverage.
The cost is dependent upon the maximum policy limits assigned to the credit union. All insured credit unions remit a 1%, refundable, at-risk deposit based on the maximum policy limits of coverage. A $5,000,000 policy, for example, requires a $50,000 deposit with ASI. Additionally, insured credit unions pay a quarterly premium based on the actual reported coverage and the credit union’s financial condition and rating.