Credit Union Deposit Insurance

Deposit Insurance  

On November 27, 2008, the Provincial legislature passed amendments to the Financial Institutions Act to provide unlimited deposit insurance protection on all deposits in BC credit unions through the Credit Union Deposit Insurance Corporation (CUDIC).  All money on deposit with and money invested in non-equity shares of a BC credit union is 100% guaranteed, including foreign currencies and accrued interest, regardless of the length of the term to maturity.  

What does this mean to our members?  

This means that credit union deposits are covered by the unlimited deposit insurance and members can comfortable leave their deposits with North Peace Savings & Credit Union knowing they are fully protected.   For more information on CUDIC  and a list of Frequently Asked Questions, visit the CUDIC website.