Share Insurance: Your Accounts are Safe & Fully Insured

Fri, 07/18/2008 - 19:17 by acu_Laurie

Share Insurance: Your Accounts are Safe & Fully Insured

Due to recent events in the banking and mortgage industries, many of our members may be wondering if their funds are safe at Allegiance Credit Union.

The simple answer is....."YES-That's our Promise!"  Allegiance Credit Union is pleased to inform you that your Share accounts here at the Credit Union are insured up to $350,000 and your retirement accounts are insured up to $500,000.  This exceptional level of coverage is attained through a combination of Federal Insurance provided by the National Credit Union Administration (NCUA and private insurance provided by Excess Share Insurance Corporation (ESI).

First, your share accounts are insured by the NCUA to at least $100,000 and backed by the full faith and credit of the United States Government.  Second, your board of directors has also chosen to provide an additional $250,000 of additional share insurance coverage through ESI, the nation's largest licensed property and casualty provider of excess share insurance to credit unions since 1993.

We are also proud to note that we have enough reserves and capital which is important since deposit insurance only comes into effect after an institution's reserves are used.  Allegiance Credit Union does not have any of the sub-prime loans that have caused the mortgage situation that is occurring across the country.  And because we are owned by our members, our financial statements are readily available to our members.

To learn more and estimate your federal insurance coverage, click here.