Compass Community Credit Union offers additional share deposit insurance
EUREKA, CA (May 5, 2023) — Compass Community Credit Union now offers its members share insurance up to $1,250,000. This exceptional level of coverage is attained through a combination of federal insurance provided by the National Credit Union Administration (NCUA) and private insurance from American Share Insurance (ASI).
NCUA’s federal coverage insures credit union members’ deposits up to $250,000. Accounts exceeding the maximum level of coverage provided by NCUA are now also insured up to an additional $1,000,000 through ASI.
“I am excited to offer this extra level of share insurance, providing our members with peace of mind knowing their deposits are safe and secure,” said Compass Community Credit Union CEO, Ray Litchfield. “Compass Community Credit Union has been supporting the people in our local communities since 1951. Our credit union is managed for the long-term by prioritizing sustainable practices resulting in a strong financial position”.
About Compass Community Credit Union
Compass Community Credit Union serves members in Humboldt, Del Norte and Trinity counties. Membership is open to anyone who lives, works, or worships in these three counties. For over 73 years, Compass Community Credit Union has been offering financial solutions to members. For more information, visit Compassccu.org.
ABOUT ASI
Headquartered in Dublin, Ohio, ASI is a credit union-owned private deposit insurer founded in 1974 by credit unions, for credit unions. ASI is licensed and dual-regulated by the Ohio Department of Commerce and the Ohio Department of Insurance and is authorized to issue this coverage in our state. Regulators of credit unions in each state in which ASI operates also review the company’s performance. Furthermore, the company’s financial statements are audited annually by an independent CPA firm and are available upon request through the credit union. ASI is not a federal or state government agency.
