Why It’s Important
The Credit Union Deposit Insurance Corporation of British Columbia (CUDIC) is a statutory corporation that provides deposit insurance for members’ deposits with all British Columbia based credit unions. The Financial Institutions Commission (now known as the B.C. Financial Services Authority or BCFSA), an authority of the government of B.C., is responsible for administering CUDIC and for regulating financial institutions operating within the province of British Columbia.
All money on deposit and money invested in non-equity shares with a B.C. credit union is 100% guaranteed, including foreign currencies and accrued interest, regardless of the length of the term to maturity. Credit union equity shares and investments such as mutual funds or RRSP equity plans are not covered by deposit insurance.*
For more information about CUDIC please visit their website listed below.
Alternatively, a pdf brochure is available for you to view by clicking HERE.
*Please note that only 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.