School Employees Lorain County Credit Union in Elyria, Ohio, is asking members to vote to convert to American Share Insurance for deposit coverage.
The notice on the $135 million credit union’s website explained that ASI coverage meant $250,000 per account with no limit on the number of accounts for the member. When ASI is combined with excess share insurance, provided through Excess Share Insurance Corp. which is a related business to ASI, account coverage could be up to $500,000.
Federal insurance through the NCUSIF is $250,000 per account, per member, but that can be expanded through joint accounts and IRAs, which are insured separately from other deposits.
“Your elected Board of Directors and Management believe this conversion is in the best interest of all members, and we urge you to APPROVE the proposition,” the notice read.