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Credit Union Frequently Asked Questions
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A. The Savings and Credit Unions of British Columbia website provides information about credit unions in British Columbia, including a credit union branch and ATM locator, website links and a direct link to online banking.
A. The brochure, Your Guide to BC Credit Union Deposit Insurance provides basic information on deposit insurance. A copy of this brochure is also available at any credit union. For additional information on deposit insurance, visit the Credit Union Deposit Insurance Corporation webpage.
A. All credit unions that have been issued a business authorization to conduct business in British Columbia have deposit insurance for monies deposited by its members up to the maximum limit prescribed by regulation. View the list of authorized credit unions in British Columbia.
A. The BC Financial Services Authority is a provincial government office and in Canada, banks are regulated by the federal government. Most banks have an Ombudsman who handles complaints against the bank. We recommend that you contact your bank for further information. If you are not satisfied with the bank’s Ombudsman, there is an Ombudsman for Banking Services and Investments who may be able to assist you. The Ombudsman for Banking Services and Investments can be reached at (888) 451-4519 and has a website at www.obsi.ca. Further, the Office of the Superintendent of Financial Institutions (Canada) is responsible for bank regulation. The Office of the Superintendent of Financial Institutions (Canada) can be reached at (800) 385-8647 and their website is located at www.osfi-bsif.gc.ca.
A. The BC Financial Services Authority investigates complaints of regulatory matters or criminal wrong doing. We are unable to assist you in civil, contractual, and legal disputes or in service quality and business matters with your credit union. If your complaint pertains to a regulatory or criminal matter, you can submit your complaint with our office. Please see the Report a Concern section of our website.
If your complaint pertains to a civil, contractual, legal, service quality or business matters, we recommend that you contact the manager of the branch that you deal with. If you are still not satisfied after discussing the matter with the branch manager, you should contact the chief executive officer of the credit union.
A. The Access to Basic Banking Services Regulations are federal regulations and do not apply to credit unions in British Columbia.
A. No. You must contact the British Columbia Corporate Registry website, or contact their search line at 604 775-1040 (Vancouver) or at 250 387-5101 (Victoria).
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