American Share Insurance
As a member of Financial 21 Community Credit Union, your deposits are insured up to $250,000 by American Share Insurance (ASI), a private share insurance corporation chartered by the State of Ohio.
Frequently Asked Questions Regarding Private Share Insurance
Why did Financial 21 convert to private share insurance?
Under our previous federal deposit insurance coverage, member deposits were insured up to $100,000 per member. This means that even if you had more than $100,000 on deposit, the maximum insurance coverage remained at $100,000. As an ASI insured credit union, deposits are insured up to $250,000, regardless of the number of deposit accounts held by a member. This significantly higher deposit coverage is provided at no additional cost to members.
Who is American Share Insurance?
ASI is a mutual share guaranty corporation and the nation's largest private authorized deposit insurer, exclusively insuring credit unions. ASI is headquartered in Dublin, Ohio and has been in operation since 1974. The company has a national reputation for the quality of its fund and for the institutions it insures. Not every institution applying for coverage is accepted by the fund.
Who regulates ASI?
ASI is under the regulatory oversight of the Ohio Department of Commerce and the Ohio Department of Insurance. As a multi-state insurer, ASI is regulated by each state regulatory agency in which it operates.
What is ASI's insurance rating?
ASI is a credit union-owned mutual share guaranty corporation authorized to provide deposit insurance. Just as the Federal Deposit Insurance Corporation (FDIC) fund for banks and the National Credit Union Share Insurance Fund (NCUSIF) for credit unions, ASI is not a typical property and casualty insurer, and thus does not have an insurance rating like those provided by Moody's, Standard and Poor's, and A.M. Best.
How do I know that ASI is safe?
The best measurement of the strength of any deposit insurance fund is to review its fund equity (monies available to pay claims) and its historical loss history. The bank insurer currently has an equity ratio of 1.30%, or $1.30 for each $100 it insures; while the NCUSIF shows 1.27% as of year-end 2001. ASI reports 1.44%, which is by far the strongest equity position relative to risk. In the nearly 30-year history of the fund, losses average approximately .01 for every $1,000 of insured shares. No credit union member has ever lost a penny on a deposit insured by ASI.
What is ASI's claim history?
On average, since 1983, ASI's net claims represent losses of about $0.11 per $1,000 on insured shares. This is significantly less than that of NCUSIF, which is reported as $0.26 per $1,000 of insured shares, over the same 20-year period.
Why should I trust my savings to ASI?
You actually trust your savings to Financial 21 Community Credit Union. As a member you have a right to feel comfortable with our financial condition and operations. Since 1937, Financial 21 has placed the security and safety of our member's deposits as a top priority. This focus was the basis of securing an increased amount of coverage for our member's deposits.
ASI is the nation's largest private share insurer. It insures only credit unions, and all applying credit unions are required to undergo an examination before being insured by ASI. Furthermore, ASI requires that we provide routine financial and operational information, and submit to semi-annual on-site examinations by their staff.
Where can I get more information about ASI?
You can obtain more information about ASI by visiting their website at www.americanshare.com or by requesting a Deposit Safety brochure from Financial 21 Community Credit Union.
