DUBLIN, Ohio — Credit unions across the U.S. that offer excess deposit insurance are enjoying a healthy blip in new business, with many quick to point out the advantage on Web sites and other marketing materials. And American Share Insurance Co. reported last week a big spike in inquiries from CUs interested in private deposit insurance.
"I'd say that in the last two weeks we received more than 30 inquiries, which is quite a lot for us, plus more than 600 queries from consumers, which is really tremendous," declared Dennis Adams, the president/CEO of Dublin-based ASI, which also owns Excess Share Insurance.
As public angst over the IndyMac Bank failure and Freddie Mac and Fannie Mae problems increased, CUs in several states not previously known to have a large percentage of CUs offering the extra $250,000 in insurance have called or emailed ASI sales reps about the possibility of signing up. While Ohio is home to some long-time clients, there has been new interest from Kansas, Michigan, Minnesota and Florida, said Adams.
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