Deposit Insurance
We are pleased to inform you that Compass Community Credit Union accounts are insured up to $1,250,000. This exceptional level of coverage is attained through a combination of federal insurance provided by the National Credit Union Administration (NCUA) and private insurance from American Share Insurance (ASI).
ASI’S COVERAGE
First, NCUA’s basic federal coverage insures credit union members’ deposits up to $250,000. For details about federal deposit insurance, or how to structure your accounts to qualify for greater federal coverage, call us at 707-443-8662 or visit MyCreditUnion.gov. Accounts exceeding the maximum level of coverage provided by NCUA are also insured up to an additional $1,000,000 by ASI.
Account Type |
NCUA Coverage |
ASI Coverage |
Total Coverage |
| Individual | $250,000 | $1,000,000 | $1,250,000 |
| Joint | $250,000 | $1,000,000 | $1,250,000 |
| IRA | $250,000 | $1,000,000 | $1,250,000 |
| Total | $750,000 | $3,000,000 | $3,750,000 |
ASI’S POLICY
To be eligible for excess coverage, the credit union must comply with ASI’s rigid underwriting standards. Also, ASI’s insurance policy requires that every quarter the credit union submit financial statements and a listing of accounts eligible for excess coverage in order to continue coverage. Individual policies are not provided to members, and there is no direct cost to you for this coverage. It is important to note that excess deposit insurance is payable only upon the failure and liquidation of the credit union. The credit union or ASI may terminate or modify this coverage, but in either case, you would be notified in writing of any change in the excess coverage.
ABOUT ASI
Headquartered in Dublin, Ohio, ASI is a credit union-owned private deposit insurer founded in 1974 by credit unions, for credit unions. ASI is licensed and dual-regulated by the Ohio Department of Commerce and the Ohio Department of Insurance and is authorized to issue this coverage in our state. Regulators of credit unions in each state in which American Share operates also review the company’s performance. Furthermore, the company’s financial statements are audited annually by an independent CPA firm and are available upon request through the credit union. ASI is not a federal or state government agency.