How is ASI different from the federal deposit insurance program?
The federal deposit insurance program for credit unions is operated by an agency of the United States government, the National Credit Union Administration (NCUA), not the FDIC. ASI is a private not-for-profit corporation, owned by the credit unions it insures. Individual members of ASI-insured credit unions can have multiple accounts (savings, checking, money market, CDs, etc.) and each is insured to $250,000. This allows members to have all their insured savings at one credit union. Why do some credit unions prefer to be privately insured? Several reasons. Private insurance allows credit union members to maintain higher deposits in each of their accounts. Also, it allows credit unions to operate efficiently under their state-charter and be responsive to local member needs. What is ASI‘s rating? 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 i
