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New Resource Launched to Explain Deposit Insurance
New site for the Credit Union Deposit Insurance Corporation of British Columbia explains deposit protection at B.C. credit unions.
BC Financial Services Authority (“BCFSA”) and the Credit Union Insurance Corporation of British Columbia (“CUDIC”) have launched a new microsite to inform consumers about the free and automatic protection of eligible deposits at B.C. credit unions.
The site has been designed to be a user-friendly, one-stop-shop to help credit unions and their members find answers to questions about which deposits are eligible and which are not, and how depositors will be reimbursed in the unlikely event that a B.C. credit union should fail.
“We want members to know that their deposits at B.C. credit unions are safe and protected,” said Antonia Prlic, Director, CUDIC Operations. “We also know that many consumers may not be aware of CUDIC’s Deposit Insurance Fund and how it works. This new, easy-to-navigate resource will help credit union members understand deposit protection and make informed decisions about their deposits.”
About CUDIC
CUDIC is a statutory corporation that guarantees all eligible deposits of provincially regulated credit unions in accordance with the Financial Institutions Act (“FIA”).
CUDIC’s responsibility is to administer and operate a deposit insurance fund. BC Financial Services Authority, a crown agency of the Government of B.C, is responsible for administering CUDIC and supervising provincially regulated financial institutions.
The deposit insurance guarantee applies to all B.C. credit unions, excluding Stabilization Central Credit Union, Central 1 Credit Union, and intraprovincial credit unions operating in B.C.
Media Contact:
Kate Bilney
Communications Manager, (778) 357-1634, media@bcfsa.ca
Visit: www.bcfsa.ca
