What Is Excess Share Insurance?

How does it work?

ESI offers different types of excess share insurance coverages based on the unique needs of each credit union and their membership.

In the United States, credit union deposits are insured by either the National Credit Union Administration (NCUA), or by American Share Insurance (ASI). Federal insurance coverage provided by the NCUA insures credit union members’ deposits up to $250,000. However, accounts may be structured in different ways —such as joint, payable-on-death or IRA accounts —to achieve federal coverage of more than $250,000. For details about federal deposit insurance, or how to structure your accounts to qualify for greater federal coverage, please check with your credit union or contact NCUA.

In ten states, however, credit unions may be privately insured through ASI. ASI’s coverage is different and more comprehensive than federal share insurance. ASI covers $250,000 per account, with no limit to the number of accounts a member can have with their credit union. To see if your credit union is privately insured through ASI, and for details about how their share insurance program works, please check with your credit union, or contact ASI directly.

Accounts exceeding the maximum level of coverage provided by NCUA or ASI may also have additional coverage provided by ESI. Credit unions partnering with ESI frequently have different coverage limits, all depending on the needs of the credit union and their membership. To determine if your credit union offers excess share insurance coverage on any or all accounts, and at what amount, please contact your credit union or ESI.

Contact ESI

Headquartered in Dublin, Ohio, ESI is a wholly owned subsidiary of American Share Insurance (ASI), a credit union-owned private deposit insurer founded in 1974 by credit unions, for credit unions. As a property and casualty insurer, ESI is subject to licensing and regulation by your state’s insurance department. The company’s financial statements are audited annually by an independent CPA firm and are available upon request through your credit union.

Learn More About ESI