Insured Funds

Your deposits at Parsons Federal Credit Union are safe and secure. Every Parsons FCU member’s funds are insured up to $500,000 by a combination of federal and private insurers:  Up to $250,000 by the National Credit Union Administration (NCUA), $250,000 for retirement accounts; and up to an additional $250,000 by American Share Insurance (ASI).

  • Savings and checking account deposits under the same account number are added together and insured up to $500,000
  • Accounts under different account numbers, with the same combination of owners, are added together and insured up to $500,000
  • A member can have his or her own individual account and be a joint owner on another account, and BOTH are insured separately up to $500,000.
  • A member can have an individual account and a multiple savings account and both are added together and insured up to $500,000
  • If the “owner” combination is different on a main account and a multiple account or certificate account, both are insured separately up to $500,000.
  • IRAs are insured separately for up to $250,000
  • There are ways to increase your coverage through Payable On Death and beneficiary designations. Please contact us for details.

American Share Insurance (ASI) Disclaimer

American Share Insurance, (ASI), is an Ohio-based share guaranty corporation that provides deposit insurance exclusively to credit unions. Founded in 1974 by credit union activists, ASI is the nation's largest private deposit insurer for credit unions and has operated in a safe and sound manner since its incorporation. ASI began offing excess share insurance in 1983 and no member of an ASI-insured credit union has ever lost money in an ASI-insured account.

ASI excess provides up to $250,000 of additional protection on member share (deposit) accounts. By adding this coverage to the credit union's primary insurance limits, individual members can take comfort in knowing their funds are safe and secure. ASI insures credit unions and only credit unions.

The corporation is licensed by the Ohio Department of Insurance, and is dual regulated by the Ohio Department of Insurance and Ohio Department of Commerce. Further, regulatory examiners from each state in which ASI operates are invited to participate in Ohio's annual examination of the corporation. ASI has always been, and continues to be, in good standing with regulators in all states of operation. Annually, ASI's financial statements are audited by a nationally recognized "Big 4" CPA firm and its loss reserves are certified by internationally recognized actuaries.

If you have any questions concerning your credit union's excess share insurance coverage, please visit www.americanshare.com, or call (800) 521-6342. You can also submit your questions via e-mail to mail@americanshare.com.