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AMERICAN SHARE INSURANCE
Your Insured Funds
ASI insures each and every account of an individual member to $250,000 without limitation as to the number or nature of the accounts held. (See example of coverage below).
|
Member's Holdings |
ASI Primary Insurance |
|
Savings |
$ 250,000 |
|
Checking |
$ 250,000 |
|
Money Market |
$ 250,000 |
|
Christmas Club |
$ 250,000 |
|
CD 1 |
$ 250,000 |
|
CD 2 |
$ 250,000 |
|
Total Insured |
$1,500,000 |
- No credit union member has ever lost money in any ASI-insured credit union.
- ASI is owned by credit unions and only insures credit unions. Currently, over 1.5 million individual consumers belong to credit unions insured by ASI.
- Like the credit unions it insures, ASI is safe and sound. The company's equity ratio of 1.49% is greater than that reported by federal deposit insurance funds.
- ASI does not hold any collatarized mortgage obligations (CMOs) or any of the types of exotic investments that created the need for the $700 billion bailout of AIG, Goldman Sachs and other investment firms currently under consideration by the US Congress, nor does it insure or guarantee the performance of such securities to any parties.
- ASI's balance sheet exhibits solid characteristics with 25% invested in cash and cash equivalents, 70% in U.S. government-guaranteed agency bonds and US Treasuries, and 5% in other assets (certificates of deposit, accounts receivable, building and other fixed assets).
- ASI's insured credit unions generally have little or no investments in CMOs, nor do credit unions buy the types of exotic investments associated with the recent and well-publicized failures of some of the nation's largest investment firms, banks and thrifts.
- ASI's insured credit unions hold little or no sub-prime mortgages, as confirmed by our numerous on-site field examinations.
- ASI is not assigned a traditional insurance industry rating by companies like A.M. Best or Standard and Poor's due to the limited number of companies in our industry. Financial data and other information are supplied to the key rating services annually for their review and analysis.
- ASI is selective as to who it insures. Not all credit unions that apply for coverage are accepted due to ASI's strict underwriting standards.
- The ASI insurance fund provides your credit union with a strong, high-quality program that can sustain regardless of changes in economic conditions - a program that members can trust and rely upon!
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Landmark Credit Primary & Excess Deposit Insurance ASI & ESI
Landmark Credit Union is pleased to provide each of your depository accounts with $250,000 of protection through American Share Insurance (ASI), the nation's largest private insurer of credit union savings.
Also the Board of Director's of Landmark has chosen to acquire additional coverage from Excess Share Insurance Corporation (ESI) for account balances exceeding $250,000. This extended level of protection provides an additional $250,000, meaning that each reported account in this credit union is protected up to $500,000 the highest limit of savings protection available to credit union members.
$250,000 Additional Coverage
There is no limit to the number of accounts you may have with Landmark and still maintain this extra measure of protection. Excess coverage is specifically designed to free you from concern about the nature and extent of insurance on your savings account balances.
About ASI-ESI
ASI is a credit union-owned, mutual share guaranty corporation and has insured savings of credit union members since 1974. ASI is the largest non-federal insurer of deposits.
ASI operates as a business partner with your credit union to assure that member needs are met in a safe and sound manner. It routinely monitors and examines your credit union and, as a licensed share guaranty corporation, is subject to an annual statutory examination by the Ohio Division of Financial Institutions.
ASI's primary share insurance program is available only to state-chartered credit unions, whereas both federally and state-chartered credit unions may apply for excess share insurance.
Excess Share Insurance Corporation is a property and casualty insurance company solely owned by American Share Insurance, licensed by the Ohio Department of Insurance, and is approved to operate in Alabama by the department of insurance.
Excess coverage is particularly unique to the credit union industry. Only credit unions meeting the highest standards are eligible for this extended protection. This insurance can be terminated by either the credit union or by ESI; however, you must be notified in writing of any change in the insured status of your accounts.
More Information
If you are uncertain about either the nature or the amount of your savings insurance protection, please contact us. You are also welcome to contact either ASI or ESI directly.
5656 Frantz Road, Dublin, Ohio 43017 614.764.1900 Fax 614.764.1493 800.521.6342 This e-mail address is being protected from spambots. You need JavaScript enabled to view it.
American Share Insurance is not a federal or state government agency. Members' accounts are not insured or guaranteed by any government or government sponsored agency.
This institution is not federally insured. |
