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As League members, credit unions have access to a new resource. The Account Insurance Estimator (AIE) from League InfoSight is now available free of charge. By using the unique AIE tool, credit unions are able to easily calculate the amount of insurance coverage for members and provide an opportunity for members to structure their beneficiaries and accounts to maximize their coverage for deposits over $250,000.
Account insurance is top-of-mind for many given the recent bank failures at Silicon Valley Bank and Signature Bank. Though most credit unions are not reporting significant concerns from their members about the safety of their deposits, the tool is a useful one for members who may have large amounts of savings and wish to ensure that they are protected. The program allows credit unions to walk through all the different types of member accounts and to print out a summary of the estimated coverage to provide to their members.
The AIE product joins existing products InfoSight and CU PolicyPro that are provided to Maine credit unions through their League dues payments. InfoSight is a compliance resource that can be thought of as an encyclopedia for state and federal law and regulations for credit unions. CU PolicyPro is a policy management system complete with customizable model policies. All three products are available to any of your employees or board members, and accounts can be requested through the Compliance tab on the League website.
League InfoSight will be holding two free webinars on the Account Insurance Estimator on Tuesday, April 4, 2023 at 3:00 pm ET and Thursday, April 6, 2023 at 3:00 pm ET.