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Consumer Information

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Protecting Credit Union Deposits Since 1974

American Share is a private share insurer founded in 1974 and owned by the credit unions it insures. Currently, the corporation insures the accounts of over 1 million credit union members. If you have questions about the coverage provided by American Share, ask your credit union or contact us at 800.521.6342.

Why do credit unions choose to be privately insured?

All credit unions are required to have primary share insurance for their members’ deposits. State-chartered credit unions in several states have two options for this coverage:

  1. American Share, which is a private, not-for-profit share guaranty corporation owned by the credit unions we insure
  2. The federal deposit insurance program operated by the National Credit Union Administration (NCUA), which is an agency of the United States government

There are a few reasons why a state-chartered credit union might choose American Share over NCUA:

  • American Share insures each and every account of an individual member up to $250,000, without limitation as to the number of accounts insured.
  • American Share’s coverage allows credit union members to maintain higher deposits in each of their accounts, meaning they can have all their insured savings at one credit union.
  • American Share-insured credit unions can operate efficiently under their state charter and be more responsive to local member needs.

Facts About American Share

  • No individual credit union member has ever lost money in an American Share-insured deposit account.
  • American Share’s equity ratio is greater than that reported by the federal share insurance fund for credit unions.
  • Over 90% of American Share’s assets are held in cash and US government-guaranteed bonds and US Treasury securities, and the company does not hold any of the investments that plagued many financial institutions and investment firms during the recent economic downturn.
  • A “big four” accounting firm annually audits the company’s financial statements; and an independent actuary attests each year to the sufficiency of the company’s loss reserves, without exception.
  • American Share’s only business is to provide deposit insurance to credit unions…and only credit unions. American Share is selective about the credit unions it insures. Not all credit unions that apply for coverage are accepted due to American Share’s strict underwriting standards, and insured credit unions are examined regularly.
  • American Share is licensed by the Ohio Department of Insurance and dual-regulated by the Ohio Departments of Insurance and Commerce.
  • American Share has always been, and continues to be, in good standing with the various insurance departments and regulators in all of its states of operation.
  • American Share is not assigned an insurance industry rating by A.M. Best due to American Share’s unique structure as a mutual share guaranty corporation as opposed to a traditional insurance company. Financial data and other information is supplied to rating services for their review and analysis.

American Share insures each and every account of an individual member up to $250,000, without limits as to the number of accounts held. If you have 20 separate accounts with your credit union, up to $5,000,000 of your deposits are covered!