School Employees Lorain County Credit Union in Elyria, Ohio, isasking members to vote to convert to AmericanShare Insurance for deposit coverage.
|The notice on the $135 million credit union's website explainedthat ASI coverage meant $250,000 per account with no limit on thenumber of accounts for the member. When ASI is combined with excess share insurance, provided throughExcess 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 andIRAs, which are insured separately from other deposits.
|“Your elected Board of Directors and Management believe thisconversion is in the best interest of all members, and we urge youto APPROVE the proposition,” the notice read.
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