Federal & ASI Share Insurance

Your Deposits are Safe At Prospectors

5 Star Rated, Federally Insured, + Added Savings Protection from American Share Insurance

Prospectors Federal Credit Union is rated 5 Stars for safety and soundness for over 30 years by Bauer Financial, an independent research and audit firm in business since 1983. The length of time that Prospectors has maintained this rating places it in the top 4% of all federally insured financial institutions in the United States.

And, as a federal credit union, individual member deposits at Prospectors are federally insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), an arm of the National Credit Union Administration (NCUA). This insurance is backed by the full faith and credit of the United States government. So you can rest easy, knowing that your funds are safe at Prospectors. Additional federal insurance will be added for ‘joint accounts’, ‘retirement accounts’ and ‘pay on death accounts’. Follow this link to calculate how much federal insurance your accounts will qualify for: https://www.mycreditunion.gov/insurance-estimator

And, there’s more… In addition to it’s 5 Star safety and soundness rating and the federal share insurance from the NCUA, Prospectors is pleased to offer its Members a ‘no cost’ benefit of an additional $250,000 of insurance. This means that members deposits are covered up to $500,000 per individual account. This exceptional level of coverage is attained through a combination of the federal insurance provided by the National Credit Union Administration and American Share Insurance (ASI).

Here’s how additional share insurance with ASI works:

All individual shares, share drafts, money markets and share certificates held by the same Member are added together and insured up to $250,000 by the National Credit Union Association (NCUA) and an additional $250,000 by ASI for a total of $500,000. An individual share account is an account owned by one individual without the right of withdrawal by others. Individual accounts are insured separately from IRA’s and joint accounts.

All joint shares held by the same Member are added together and insured by the NCUA up to $250,000 and an additional $250,000 by ASI, for a total of $500,000. Joint accounts are insured separately from Individual and IRA’s.

All IRA shares held by the same Member are added together and insured up to $250,000 by the NCUA and an additional $250,000 by ASI, for a total of $500,000. IRA shares are insured separately from individual and joint Accounts.

Combined Share Insurance Coverages*

To be eligible for this insurance Prospectors must comply with ASI’s rigid underwriting standards and report on it’s financial condition quarterly. There is no direct cost to the Members for this coverage.