Your savings are safe at Alabama Credit Union
Have questions about the NCUA or ESI deposit insurance coverage that -- in addition to Alabama Credit Union's strong financial health and excellent regulatory ratings -- protects your savings? Here is what you need to know:

• Alabama Credit Union is financially strong and healthy, and a safe place for your savings. We have received state and federal regulators' top ratings for 19 consecutive years. Despite the challenges many lenders are facing with sub-prime mortgage defaults, Alabama Credit Union has built its mortgage lending portfolio with carefully underwritten mortgage products, using reasonable industry-standard guidelines for borrowers' debt ratios, credit scores and property values. We are pleased to say we expect no unusual delinquency from our consumer or mortgage lending portfolio, and our delinquency ratio is at a historically low level (significantly less than peer average).
  • Letter from Alabama Credit Union President Steve Swofford
• May 26, 2009, Alexandria, Va. – The Helping Families Save Their Homes Act of 2009, signed into law May 20, 2009, includes a provision extending $250,000 share insurance coverage provided by the National Credit Union Share Insurance Fund through December 31, 2013. Previously, this level of coverage was set to expire December 31, 2009.
• We do not do any business with Lehman Brothers, AIG, or Goldman Sachs. And, Alabama Credit Union is regulated to investing only in Federal government securities, which have no risk of default. We cannot invest in stocks or bonds of individual companies, nor in mutual funds. Our loans are to our members only, and are primarily auto, signature, credit card and mortgage loans.
• Federally insured credit unions are a safe place to deposit, as you'll read here:
  • America's Credit Unions: Secure, strong
• Your savings are primarily insured by National Credit Union Administration, an agency of the U.S. Government, through the National Credit Union Share Insurance Fund (NCUSIF). Most properly established share accounts in federally insured credit unions are insured up to the Standard Maximum Share Insurance Amount (SMSIA) that was increased to $250,000 as of Oct. 3, 2008; recent legislation has increased the insurance coverage on certain retirement accounts, such as IRAs and Keoghs, up to $250,000. Learn more about NCUA's federal deposit insurance coverage and what it means to you:
  • How Your Accounts Are Insured (PDF)
  • Your Insured Funds (PDF); provides easy-to-understand language and specific examples of ways you can structure ownership of your accounts to take full advantage of deposit coverage
  • Insurance Estimator is an online tool to help you determine if you have any deposits that aren't covered under the NCUA's federal deposit coverage program
  • NCUA increases coverage on retirement savings
  • NCUA's Share Insurance page
  • State of the NCUSIF at mid-year 2008
• In addition to NCUA's federal deposit insurance coverage, your savings at Alabama Credit Union may be covered by Excess Share Insurance (ESI). This private insurance coverage is paid by Alabama Credit Union and provided so that members may invest with confidence in amounts in excess of the NCUA federal deposit limits. ESI's $250,000 per account of excess coverage continues in addition to the NCUSIF's increased insurance limit of $250,000 for retirement accounts, which was effective April 1, 2006. Credit unions with excess coverage are now provided total deposit insurance protection of $500,000 on IRAs.
  • Here's a statement from Dennis Adams, President/CEO of Excess Share Insurance: "Excess Share Insurance Corporation (ESI) is a property and casualty insurance company licensed in the State of Ohio and 32 other states. ESI has always been and continues to be in good standing with insurance departments and regulators in all states of operations.  The corporation has operated safely and soundly, and has been financially stable since its incorporation in 1993.
    
    ESI 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.  ESI serves credit unions…and only credit unions!
    
    Annually, ESI’s financial statements are audited by a nationally recognized “Big 4” CPA firm and its loss reserves are certified by internationally recognized actuaries. The corporation maintains various committed lines of credit and reinsurance from national firms, which further strengthens its financial position.
    
    If you have any questions concerning your credit union’s excess insurance coverage, please visit www.excessshare.com, or call 800.521.6342.   You can also submit your questions via e-mail at mail@excessshare.com ."
    
    • About your Excess Share Insurance coverage (PDF)
    • Consumer Overview: NCUA and ESI coverage