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The Credit Union Deposit Insurance Corporation (CUDIC), a statutory corporation, guarantees all deposits and non-equity shares of British Columbia credit unions as set out in the Financial Institutions Act.

The list of current CUDIC insured credit unions

CUDIC’s responsibility is to administer and operate a deposit insurance fund. The BC Financial Services Authority, a crown agency of the Government of British Columbia, is responsible for administering CUDIC and for administering the regulation of financial institutions operating in the province.

On November 27, 2008, the Provincial legislature passed amendments to the Financial Institutions Act to provide unlimited deposit insurance protection on all deposits in British Columbia’s credit unions.

Frequently Asked Questions

  • All money on deposit and money invested in non-equity1 shares with a BC credit union, regardless of whether it is placed directly with the credit union or through a broker, is 100% guaranteed. Personal and business accounts that are guaranteed include:

    • Savings accounts
    • Chequing accounts
    • Joint accounts
    • Trust accounts
    • Term deposits (with no limit on the length of the term to maturity)
    • GICs (that are in the form of money on deposit with a BC credit union)
    • Foreign currency deposits
    • Registered and tax-free savings accounts

    Accrued interest on deposits is also guaranteed.

    1Only money invested in non-equity shares issued by the credit union before January 1, 2020, including declared but unpaid dividends on the non-equity shares, is guaranteed. Any money invested in non-equity shares on or after January 1, 2020 will no longer be guaranteed.

  • With the exception of Stabilization Central and Central One, all BC credit unions are covered.

  • BC Credit Union deposits are guaranteed by the Credit Union Deposit Insurance Corporation of British Columbia.

  • Deposit insurance applies automatically. It is not necessary to apply for deposit insurance.

  • Credit union equity shares, non-equity shares issued by the credit union on or after January 1, 2020, debt instruments and investments such as mutual funds or RRSP equity plans are not covered by deposit insurance.

  • BC credit unions are regulated by the BC Financial Services Authority (“BCFSA”) in accordance with the Financial Institutions Act. This legislation requires BC credit unions to operate in a safe and sound manner and provides FICOM the authority to ensure financial stability and prudent operations.

    The Credit Union Deposit Insurance Corporations maintains a fund to guarantee 100% of credit union deposits in the unlikely event of a credit union failure.

  • Deposit insurance claims are paid as soon as possible. The length of time to receive payment of an insured deposit depends on the time required for the Financial Institutions Commission to satisfy its statutory obligation to verify the accuracy of deposit insurance claims. In the case of insured deposits in registered plans, funds would be transferred to a successor trustee.

  • All deposits in BC credit unions are insured whether the depositor resides in BC or not.

  • BC credit unions transfer their unclaimed deposits to a non-profit group known as the B.C. Unclaimed Property Society.

  • The total amount of mortgages, loans and lines of credit owing to the credit union may be deducted from the amount to which a depositor is entitled under the deposit insurance program.

Note: The information contained on this website is presented in summary form for your convenience and should not be relied upon as a complete explanation of deposit insurance coverage. Reference should be made to the Financial Institutions Act and Regulations.