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Page 1: August 10 1 - WordPress.com · ASI (Private) • Member deposits are insured by primary coverage per individual account up to $250,000. • Option for supplemental coverage of $250,000*

August 10 1

Page 2: August 10 1 - WordPress.com · ASI (Private) • Member deposits are insured by primary coverage per individual account up to $250,000. • Option for supplemental coverage of $250,000*

objective

By the end of this brief course you will be able to definewhat deposit insurance is, as well identify the types ofinsurances that back Credit Union deposits in the UnitedStates. You will also be able to identify which insurancetype covers SF Fire Credit Union accounts as well what ourcoverage limits are.

August 10 2

Page 3: August 10 1 - WordPress.com · ASI (Private) • Member deposits are insured by primary coverage per individual account up to $250,000. • Option for supplemental coverage of $250,000*

What is

Deposit

Insurance?

Deposit insurance is the primary way to guarantee

the security of a depositor's money

August 10 3

Page 4: August 10 1 - WordPress.com · ASI (Private) • Member deposits are insured by primary coverage per individual account up to $250,000. • Option for supplemental coverage of $250,000*

Are there

different

types of

Deposit

Insurance?

YES!Federal (NCUSIF)

Private (ASI)

National Credit Union Share Insurance Fund

American Share Insurance

August 10 4

Page 5: August 10 1 - WordPress.com · ASI (Private) • Member deposits are insured by primary coverage per individual account up to $250,000. • Option for supplemental coverage of $250,000*

Differences: NCUSIF vs. ASI

NCUSIF (Federal)

• National Credit Union Administration (NCUA*)

• Is backed by the full faith and credit of the United States government

ASI (Private)• ASI is a private not-

for-profit corporation

• Member-owned, share guaranty corporation.

August 10 5

* National Credit Union Administration-is the United States independent federal agency that supervises and charters federal credit unions.

Page 6: August 10 1 - WordPress.com · ASI (Private) • Member deposits are insured by primary coverage per individual account up to $250,000. • Option for supplemental coverage of $250,000*

Differences: NCUSIF vs. ASI

NCUSIF (Federal)

• Regulated by the Federal Government

ASI (Private)

• Dual-regulated by the Ohio Department of Insurance and the Ohio Department of Commerce

August 10 6

Page 7: August 10 1 - WordPress.com · ASI (Private) • Member deposits are insured by primary coverage per individual account up to $250,000. • Option for supplemental coverage of $250,000*

Differences: NCUSIF vs. ASI

NCUSIF (Federal)

• Customer deposits are insured per individual person (account holder) up to $250,000

• Total $250,000 for allaccounts

ASI (Private)• Member deposits are insured

by primary coverage per individual account up to $250,000.

• Option for supplemental coverage of $250,000*

• Total $500,000 for eachaccount

August 10 7

Page 8: August 10 1 - WordPress.com · ASI (Private) • Member deposits are insured by primary coverage per individual account up to $250,000. • Option for supplemental coverage of $250,000*

Differences: NCUSIF vs. ASI

NCUSIF (Federal)

• By law the NCUA must insure all credit unions unless the choose to opt out.

ASI (Private)

• Selective as to who it insures. Not all Credit Unions that apply for coverage are accepted due to ASI’s strict underwriting standards

August 10 8

Page 9: August 10 1 - WordPress.com · ASI (Private) • Member deposits are insured by primary coverage per individual account up to $250,000. • Option for supplemental coverage of $250,000*

Differences: NCUSIF vs. ASI

NCUSIF (Federal)

• Taxpayer money may be used for bailouts

ASI (Private)• No taxpayer money

used for bailouts. All monies come from participating credit unions

August 10 9

Page 10: August 10 1 - WordPress.com · ASI (Private) • Member deposits are insured by primary coverage per individual account up to $250,000. • Option for supplemental coverage of $250,000*

What does the

differences in

insurance coverage

mean?

August 10 10

A Case Study

Page 11: August 10 1 - WordPress.com · ASI (Private) • Member deposits are insured by primary coverage per individual account up to $250,000. • Option for supplemental coverage of $250,000*

Accounts

August 10 11

A Case Study

• $250,000 - Checking

• $100,000 - Savings

• $275,000 - 6-month Term Certificate

• $450,000 - 1-yr Term Certificate

• $125,000 - Money MarketASI- Primary + Supplemental

ASI- Primary

NCUSIF

Page 12: August 10 1 - WordPress.com · ASI (Private) • Member deposits are insured by primary coverage per individual account up to $250,000. • Option for supplemental coverage of $250,000*

Federal (NCUSIF)

* Individual account owner/single institution

Nayda Mbeki

• $250,000 - Checking

• $100,000 - Savings

• $275,000 - 6-month Term Certificate

• $450,000 - 1-yr Term Certificate

• $125,000 - Money Market

Total $1,250,000 Total Coverage:$250,000

August 10 12

Page 13: August 10 1 - WordPress.com · ASI (Private) • Member deposits are insured by primary coverage per individual account up to $250,000. • Option for supplemental coverage of $250,000*

ASI (primary)

* $25,000 of this amount would NOT be covered

Corbin Gedecki

• $250,000 - Checking

• $100,000 - Savings

• $275,000* - 6-month Term Certificate

• $450,000^ - 1-yr Term Certificate

• $125,000 - Money Market

Total $1,250,000 Total Coverage: $1, 025,000

August 10 13

^ $200,000 of this amount would NOT be covered

Page 14: August 10 1 - WordPress.com · ASI (Private) • Member deposits are insured by primary coverage per individual account up to $250,000. • Option for supplemental coverage of $250,000*

ASI (primary + supplemental)

Benjii Pineheiro

• $250,000 - Checking

• $100,000 - Savings

• $275,000 - 6-month Term Certificate

• $450,000 - 1-yr Term Certificate

• $125,000 - Money Market

Total $1,250,000 Total Coverage: $1, 250,000

August 10 14

Page 15: August 10 1 - WordPress.com · ASI (Private) • Member deposits are insured by primary coverage per individual account up to $250,000. • Option for supplemental coverage of $250,000*

AMERICAN SHARE INSURANCE

August 10 15

Page 16: August 10 1 - WordPress.com · ASI (Private) • Member deposits are insured by primary coverage per individual account up to $250,000. • Option for supplemental coverage of $250,000*

American Share Insurance Dublin, OH

Established in 1974

Owned by Credit Unions and only insures Credit Unions*

Largest non-federal insurer of credit union deposits

* Currently, over 1.5 million individual consumers belong to Credit Unions insured by ASI

August 10 16

Page 17: August 10 1 - WordPress.com · ASI (Private) • Member deposits are insured by primary coverage per individual account up to $250,000. • Option for supplemental coverage of $250,000*

American Share Insurance Dublin, OH

ASI is safe and sound. It has an equity

ratio^ of 1.49%*

ASI does not hold any collateralized mortgage obligations (CMOs) Largest non-federal insurer of credit union deposits

* By contrast the NCUA has an equity ration of 1.3%

August 1017

^ Equity Ratio = Owners Equity/Total Assets

Page 18: August 10 1 - WordPress.com · ASI (Private) • Member deposits are insured by primary coverage per individual account up to $250,000. • Option for supplemental coverage of $250,000*

American Share Insurance Dublin, OH

Is dual-regulated by the Ohio Department of Insurance and Commerce.

ASI’s insured Credit Unions hold little or no sub-prime mortgages

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

August 10 18

Page 19: August 10 1 - WordPress.com · ASI (Private) • Member deposits are insured by primary coverage per individual account up to $250,000. • Option for supplemental coverage of $250,000*

American Share Insurance

Each and every SF Fire Credit Union

account of an individual member up to $500,000 without limitation to the number or nature of accounts held

$250,000 (primary insurance)

$250,00 (supplemental)

Remember!

August 10 19

Page 20: August 10 1 - WordPress.com · ASI (Private) • Member deposits are insured by primary coverage per individual account up to $250,000. • Option for supplemental coverage of $250,000*

American Share Insurance

If you wish more information you can

call ASI at 800.521.6342, or;

Email: [email protected]

Website: www.americanshare.com

How can I

contact

them?

August 10 20

mailto:[email protected]
http://www.americanshare.com/
Page 21: August 10 1 - WordPress.com · ASI (Private) • Member deposits are insured by primary coverage per individual account up to $250,000. • Option for supplemental coverage of $250,000*

ThankYouQuestions

August 10 21


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