Account Insurance
Your Funds are Safe at SafeAmerica Credit Union
SafeAmerica is proud to provide private deposit insurance of up to $500,000 per account by American Share Insurance, the nation's largest private insurer of credit union savings. Members can be confident that their funds are protected. This credit union is not federally insured or insured by any state government.
What is American Share Insurance (ASI)?
American Share Insurance, also known as ASI, is a trusted private insurer that has been protecting credit unions and their members since 1974. They are a non-profit and non-federal deposit insurer and just like SafeAmerica Credit Union, they are member-owned.
ASI protects over 1.3 million credit union members and no credit union member has ever lost money in any American Share-insured account in its nearly 50 year history.
How SafeAmerica Members Are Protected With Primary and Excess Insurance
SafeAmerica understands the needs of our members and the security and protection expected of their funds. That’s why we provide not just the primary coverage amount of $250,000 per account, but excess coverage too, for a combined total of $500,000 per each account our members have.
The Key Difference
Your Board of Directors and membership have elected to have their accounts protected by ASI for multiple reasons. Federal insurers offer limited options to credit unions and how they choose to insure their members. By meeting the standards of monthly and annual audits from various firms and regulators, we are able to fulfill the financial needs of our members.
Your Insured Funds (example)
| Account Type | Primary Coverage | Excess Coverage | Total Coverage |
|---|---|---|---|
| Savings | $250,000 | $250,000 | $500,000 |
| Checking | $250,000 | $250,000 | $500,000 |
| Money Market | $250,000 | $250,000 | $500,000 |
| CD #1 | $250,000 | $250,000 | $500,000 |
| CD #2 | $250,000 | $250,000 | $500,000 |
| IRA | $250,000 | $250,000 | $500,000 |
| Insured | $1,500,000 | $1,500,000 | $3,000,000 |
If the government isn’t involved, who checks up on ASI?
While the federal government isn’t involved, the operating state’s government regulates ASI. To qualify as an ASI-insured member, we are required to meet strict underwriting standards and submit full financial statements and other relevant information monthly. Additionally, we are subject to regular, extensive field audits by ASI, state regulators, independent accountants and others. Any variation in required standards becomes the focus of ASI’s efforts to restore policies and its operations.
Legal Statement SafeAmerica Credit Union Uses:
Your savings insured to $500,000 per account. By member’s choice, this institution is not federally insured, or insured by any state government.
Proudly Presented By:
American Share Insurance
External Link
