American Share Insurance
The membership of Rocky Mountain Credit Union voted to approve conversion to private share insurance. As a result of our membership’s approval and approval by the National Credit Union Administration (NCUA), effective October 1, 2018, each separate account in Rocky Mountain Credit Union will be insured up to $250,000 by American Mutual Share Insurance Corporation (American Share), a private corporation chartered by the State of Ohio.
What is American Share Insurance?
- American Share is owned by the credit unions it insures and has been exclusively insuring credit union members’ accounts for over 43 years.
- No credit union member has ever lost money in an American Share-insured deposit.
- Currently, over 1.3 million members belong to credit unions insured by American Share.
- A majority of American Share’s assets are held in cash and US Treasury and US Government agency bonds.
- Credit unions must qualify for American Share deposit insurance, and American Share routinely examines the credit unions it insures.
- There is no increased cost for American Share’s unique program to you.
Proven Performance Since 1974
Founded as an alternative to federal share insurance for state-chartered credit unions, American Share is a credit union-owned share guaranty corporation and the nation’s largest provider of private share insurance for credit unions.
Financially Sound and Regulated
American Share is authorized to issue credit union share insurance in Montana and is licensed and dual regulated by the Ohio Department of Insurance and the Ohio Department of Commerce in its home state. The company’s financial statements are audited annually by an internationally recognized independent CPA firm and are available upon request at the credit union.
Excess Share Insurance
RMCU goes beyond standard coverage to give members with higher balances an extra layer of protection through Excess Share Insurance (ESI), a licensed property and casualty insurance company and wholly owned subsidiary of American Share.
ESI is available exclusively to credit unions, which means this level of protection is something you simply cannot get at a bank. Each of your accounts is insured up to $250,000 by ASI as your primary insurer, with ESI covering an additional $750,000 per account above that limit, for a combined total of up to $1,000,000 per account.
Whether you have a savings account, checking account, or certificate of deposit, each is insured separately. There is no limit to the number of accounts you can hold at that level of protection.
Most financial institutions stop at $250,000 in deposit insurance. By offering ESI coverage, RMCU gives members with larger balances a meaningful advantage: more protection, with no additional paperwork or direct cost to you.
ESI has been protecting excess deposits since 1995 and operates across 38 states plus the District of Columbia. In the combined history of ASI and ESI, no credit union member has ever lost money in an insured account. Both organizations are audited annually by an independent Big Four CPA firm, and their financial statements are available upon request.
ASI and ESI insure accounts, not individuals. That means each account type you hold is protected separately. A member with an individual account, a joint account, and an IRA could have up to $3,000,000 in total insured deposits.
For members with institutional or larger business-type accounts, customized coverage options are also available through ESI, with protection of up to $10,000,000 above your primary share insurance limits. Some restrictions apply.
Questions about your coverage? Stop by any RMCU branch in Bozeman, Belgrade, Helena, or Butte, or give us a call. We're happy to walk you through exactly how your deposits are protected.