Deposit Insurance Advertising Guideline

• TITLE: Deposit Insurance Advertising Guideline

  DATE: October 29, 2021

  DISTRIBUTION: CEOs and General Managers B.C. Credit Unions

Introduction

BC Financial Services Authority (“BCFSA”) guidelines establish principles that regulated entities are expected to implement and follow. The Deposit Insurance Advertising Guideline (the “Guideline”) outlines expectations for BCFSA authorized credit unions (“credit unions”) on advertising the deposit insurance of credit union deposits guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”).

Approach

The Guideline sets out both high level principles and specific messaging that BCFSA expects credit unions to use when advertising the deposit insurance to consumers. Credit unions should apply the expectations outlined in the Guideline to its advertising via print material, radio, television, the internet, and/or social media networks.

Under the Financial Institutions Act and its regulations, BCFSA has issued a fund protection symbol¹, which credit unions are required to display. Furthermore, BCFSA has provided credit unions with a brochure and decal for advertising the deposit insurance at each branch. The Guideline is supplemental to those advertising materials issued by BCFSA, when communicating the deposit insurance to depositors and the public through sources other than material provided by BCFSA. The expectations set out in the Guideline should be met.

^{1 The symbol that designates deposit insurance coverage provided by CUDIC’s deposit insurance protection fund}

Principles of Deposit Insurance Advertising

The following principles seek to prevent misunderstanding and inadvertent misrepresentation of the deposit insurance and to build its awareness among consumers.

Primary Emphasis

Emphasis should be placed on a credit union’s services rather than the deposit insurance. Credit unions can advertise the deposit insurance as a benefit provided that statements, such as the following, are added to the list of benefits:

• Join [credit union name], where your deposits are 100% protected.
• Join [credit union name], where your money is 100% protected.
• Join [credit union name], where your savings are 100% protected.

Protection/Guarantee Messaging

Credit unions should not imply that CUDIC and/or credit union deposits are guaranteed or backstopped by the Provincial Government (e.g., CUDIC, a Government Crown agency or CUDIC, a B.C. Government corporation).

Comparative/Combative Advertising

Credit unions should not compare the deposit insurance to that of another financial institution or another deposit insurer.

Use of the Word “Guarantee”

Credit unions can use the word “guarantee” to refer to Guaranteed Investment Certificates (“GICs”) and other types of deposit products. Using the word “guarantee” in advertisement relating to the deposit insurance should be consistent with “Guarantee” messaging outlined in the “Messaging of the Deposit Insurance” section of this Guideline.

Insurable Deposits Only

Mentioning the deposit insurance should be limited to advertising deposit products covered by the deposit insurance. Advertising mutual funds, and equity shares should be distinct from deposits covered by the deposit insurance when included in one advertisement. Reference to deposit insurance coverage should only be made in the deposits section of the advertisement.

Representation of Deposit Insurance by CUDIC

Credit unions that advertise their status as BCFSA authorized should display the fund protection symbol along with one of the following statements:

• A BC Financial Services Authority authorized credit union covered by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
• [Credit union name] is a BC Financial Services Authority authorized credit union and is covered by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
• [Credit union name] is BC Financial Services Authority authorized and is covered by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).

Messaging of the Deposit Insurance

BCFSA has issued the following messages to promote depositor confidence and provide consumers accurate information about the deposit insurance. Variation to the messaging of the deposit insurance coverage should not be made.

The following messages to be used for print advertising. They are grouped by theme. The terms “money”, “savings” in the messages refer to credit union deposits guaranteed by the CUDIC deposit insurance.

Protection

• At [credit union name], your deposits are 100% protected by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
• At [credit union name], your money is 100% protected by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
• At [credit union name], your savings are 100% protected by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
• The Credit Union Deposit Insurance Corporation of British Columbia (CUDIC). Your deposits are 100% protected.
• The Credit Union Deposit Insurance Corporation of British Columbia (CUDIC). Your money is 100% protected.
• The Credit Union Deposit Insurance Corporation of British Columbia (CUDIC). Your savings are 100% protected.
• The Credit Union Deposit Insurance Corporation of British Columbia (CUDIC) provides 100% protection of all BCFSA authorized credit union deposits.
• All deposits with BCFSA authorized credit unions are fully protected by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
• Your deposits are 100% protected by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
• Your deposits are fully protected by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
• Your money is 100% protected by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
• Your money is fully protected by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
• Your savings are 100% protected by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
• Depositors are fully protected by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).

Guarantee

• BCFSA authorized credit union deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
• Your deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
• The Credit Union Deposit Insurance Corporation of British Columbia (CUDIC) fully guarantees all deposits.
• Deposits with BCFSA authorized credit unions are fully guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
• All deposits are fully guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
• Deposits are 100% guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).

Safety and Financial Peace of Mind

• Your money is safe with us. Deposits are fully protected by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
• BCFSA authorized credit unions keep your money safe. Deposits are 100% insured by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
• We keep your money safe. Deposits are 100% insured by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
• We keep your deposits safe. Deposits are 100% insured by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
• Looking for a safe place to keep your money? Join [credit union name] where your deposits are 100% insured by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
• The Credit Union Deposit Insurance Corporation of British Columbia (CUDIC) protects all BCFSA authorized credit union deposits. Maintain your financial peace of mind with [credit union name].
• Maintain your financial peace of mind with [credit union name]. Your deposits are fully protected by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
• Wondering how to maintain your financial peace of mind? Join [credit union name], where your deposits are fully protected by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
• The Credit Union Deposit Insurance Corporation of British Columbia (CUDIC) protects deposits with a BCFSA authorized credit union.
• Your financial peace of mind matters. Join more than one million British Columbians who save with a credit union. When you choose [credit union name], your deposits are fully protected by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
• Security, reliability, and trust is what we promise you when you choose to save with us.
• BCFSA authorized credit unions benefit from deposit insurance coverage with the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC). Deposits are 100% guaranteed by CUDIC.
  
  The following messages may be used for print material, radio, television, the internet, social media networks and telephone systems.

• Depositors are 100% protected.
• Your money is 100% protected.
• Your deposits are 100% guaranteed.
• [Credit union name] where your deposits are 100% protected.
• [Credit union name] where your money is 100% protected.
• [Credit union name] where your deposits are 100% guaranteed.
• The Credit Union Deposit Insurance Corporation of British Columbia (CUDIC) fully protects all deposits with BCFSA authorized credit unions. Financial peace of mind is what we promise you at [credit union name].
• Your deposits are 100% insured by the Credit Union Deposit Insurance Corporation of British Columbia. Contact us for details.
• Your deposits are fully guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia. Contact us for details.
• Credit union deposits are eligible for deposit insurance provided by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC). Contact us for details.

Display of the Fund Protection Symbol

BCFSA has issued a fund protection symbol to promote awareness of the deposit insurance coverage. Credit unions are required to display in physical and digital formats issued by BCFSA, at their offices, branches, deposit agent offices, and in website, mobile and social media channels as required.

• The CUDIC fund protection symbol decal should be placed at all branches, service locations, and offices of the credit union.
• The CUDIC fund protection symbol should be included in all website, mobile and other social media channels as required.
• The decal should be placed on the main entrance door in a noticeable position such as closer to the door handle. Decals may also be placed on other entrances to the credit union.

Additional Information

Per section 93 of the Financial Institutions Act, BCFSA reserves the right to take regulatory action where a credit union intentionally misleads consumers or misrepresents the deposit insurance in its advertising.

Consumer Access to Advertising Material

Print Material

The CUDIC brochure answers the most frequently asked questions about the credit union deposit insurance.

Website Links

Credit unions may provide a link to the CUDIC public resource section of the BCFSA website.

The CUDIC brochure is available on our website.

Credit Union Access to Advertising Material

Print Material

The CUDIC brochure and decals are available at Westkey Graphics (1-800-561-9952 or [email protected]). The brochure is only available to credit unions, which need to ensure that their branches, deposit agents and brokers remain adequately supplied.

Website Links

Download a logo file by right clicking on the image and selecting “Save As.”

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Deposit Insurance Advertising Guideline Webinar

On November 10, 2021, CUDIC in cooperation with the Canadian Credit Union Association (“CCUA”) provided an overview of the updated Deposit Insurance Advertising Guideline to credit unions. The webinar was recorded and is available below.

The webinar provides:

• An overview of the Guideline;
• A review of specific messaging to assist marketing staff and management;
• An interpretation of the high-level principles in the Guideline; and
• Discusses the implementation timelines and outline expectations.

• Download the slide desk
• Read questions and answers from the information session

Inquiries

For inquires on advertising the deposit insurance, please call (604) 660-3555 (option 3) or email [email protected].