Since our founding in 1956, DuPage Credit Union’s first priority has been our members’ financial security. As a member, you may have some questions about how your deposits are insured.
How are my deposits insured?
Every account with DuPage Credit Union is privately insured up to $250,000 with no limits as to the number of accounts held. That means that if you have three checking and one savings account with the Credit Union, up to $1,000,000 of your deposits are insured. This is better than a federally insured (FDIC) financial institution which generally covers $250,000 per depositor, per insured bank, for each account ownership category.
Who is DuPage Credit Union’s share insurer?
We are insured through American Share Insurance (ASI). American Share Insurance is a member-owned, private share insurer founded in 1974 and is owned by its insured credit unions. Currently, the corporation insures the accounts of over 1.3 million credit union members. No credit union member has ever lost money in any American Share-insured credit union account in its history. ASI’s only business is to provide deposit insurance to credit unions, and they are selective about the credit unions they insure. Not all credit unions that apply for coverage are accepted due to their strict underwriting standards.
How is ASI audited?
Annually, a “big four” accounting firm audits the company’s financial statements, and an independent actuary attests to the sufficiency of the ASI’s loss reserves. ASI has always been and continues to be in good standing with the various insurance departments and regulators in all of its states of operation.
Credit Union Membership Carries Less Risk
Credit unions are not-for-profit financial cooperatives. Unlike most banks, credit unions do not have stockholders and in the vast majority of cases, credit unions are not permitted to invest in equity securities. As a result, credit unions typically carry much less risk.
- Established in 1974
- No credit union member has ever lost money in any American Share-insured credit union account in its history.
- Currently, the corporation insures the accounts of over 1.3 million credit union members.
- ASI is owned by credit unions and only insures credit unions.