American Share Insurance
Are my Taleris share deposits insured?
At Taleris, Member share deposit accounts are each insured for up to $250,000, through American Share Insurance (ASI).
The legal statement we use to disclose this insurance is:
Your savings insured to $250,000 per account. This institution is not federally insured, and if the institution fails, the Federal Government does not guarantee that depositors will get back their money. MEMBERS ACCOUNTS ARE NOT INSURED OR GUARANTEED BY ANY GOVERNMENT OR GOVERNMENT-SPONSORED AGENCY.
When you say each account is insured for up to $250,000, does that mean I can have more than one account and each one is insured?
Yes, through ASI, each one of your accounts is insured for up to $250,000. Unlike banks and federally insured Credit Unions, which only insure the individual up to $250,000, ASI insures each individual share deposit account up to $250,000 and there are no limits to the number of share accounts an individual can have.
For example, if you have Savings, Checking, Money Market and Holiday Club accounts, plus a CD and an IRA, EACH of these accounts is insured for up to $250,000 for a total of $1,500,000 of insurance. If these accounts were in a bank or in a federally insured Credit Union, your total of insurance coverage would be $250,000.
Who is ASI?
ASI is the only private insurer of Credit Union share deposits in the United States. Founded in 1974 and headquartered in Dublin, Ohio, they are a non-profit corporation owned by Credit Unions and only insure Credit Unions.
So, our accounts are not insured or guaranteed by the government?
That is correct. ASI is a private insurance company and has no affiliation with the government.
Why would a credit union want to be privately insured?
Many state-chartered credit unions prefer local (state-level) regulation and nonfederal insurance over federal regulation.
As a private insurer, ASI believes that each credit union has unique needs which often do not fall within the “one size fits all” approach of federal programs. By working with their corresponding state regulator and ASI, privately insured credit unions are more often able to formulate programs to meet the changing demands of their membership.
Do all Credit Unions use ASI?
Over one million Credit Union Members are insured through ASI. Credit Union Members not insured through ASI are usually insured through the National Credit Union Administration (NCUA).
Is NCUA backed by the government?
Yes, NCUA insured funds are guaranteed up to $250,000 per individual, not per account. So, if you belong to a Credit Union with NCUA coverage and have more than $250,000 in your account, it will not be covered unless your Credit Union offers excess deposit insurance coverage.
If the government isn’t involved, who checks up on ASI?
The federal government is not involved, but the state government is. ASI insured Credit Unions in Ohio are licensed by the Ohio Department of Insurance and dual regulated by the Ohio Departments of Insurance and Commerce. Credit Unions in other states are regulated and licensed by that individual state.
Is ASI a good company and are my accounts safe?
The answer to both questions is Yes. ASI has the lowest loss history ratio of all national deposit insurers including NCUA and the Federal Deposit Insurance Corporation (FDIC) and they do not hold any of the type of investments that led to the need for the recent government bailouts. No Member has ever lost a dime of insured savings due to the failure of an ASI-insured Credit Union.
If I have more questions about Share deposit Insurance coverage or ASI, where can I go to get answers?
You can log on to ASI’s website at: www.americanshare.com This link will open in a new window and take you to a site maintained by American Share Insurance. Or, you may call a Taleris Member Services Representative at 800.828.6446.