How are my deposits protected?

The Corporation ensures that credit unions operate under sound business practices, maintaining quality assets, and minimizing the risk of loss. Legislation requires credit unions to maintain minimum levels of equity and liquidity to offset unforeseen contingencies. The Credit Union Deposit Guarantee Corporation maintains a fund to guarantee deposits. Credit unions pay a quarterly assessment to build the fund.

Is the Credit Union Deposit Guarantee Corporation part of the Manitoba Government?

The Credit Union Deposit Guarantee Corporation is established under the Manitoba Credit Unions and Caisses Populaires Act. A Board of Directors, appointed by the Lieutenant Governor in Council of Manitoba, administers the Credit Union Deposit Guarantee Corporation.

Are deposits in Manitoba credit unions 100% guaranteed?

The Credit Union Deposit Guarantee Corporation guarantees the repayment of all deposits with Manitoba credit unions, including accrued interest to the date of payout. It is not affected by a credit union changing its name, amalgamating, or entering into similar types of arrangements.

Does the Government of Manitoba also cover deposits?

There is no legislated requirement for the Manitoba government to provide financial support to credit unions.

Is this guarantee the same as the banks' $100,000 insurance?

This guarantee is different than the banks' insurance. All deposit amounts are fully guaranteed and include accrued interest to the date of payout. Deposit amounts include chequing and savings accounts, RRSP deposits, RRIF deposits, foreign currency deposits and term deposits, including those with terms exceeding five years. For information respecting the guarantee of deposits in banks, refer to Canada Deposit Insurance Corporation.

What is not covered by the guarantee?

The guarantee does not cover non-deposit investments, examples of which include common shares, surplus shares, preferred shares, mutual funds and self-administered RRSPs that are not deposits (e.g. shares, mutual funds).

Which credit unions are covered by the 100% guarantee?

All Manitoba credit unions are covered by the 100% guarantee. For a complete list, see the Manitoba credit union website at www.creditunion.mb.ca.

How will I get my money if a credit union closes? How long will it take?

In the unlikely event of a credit union closing, depositors will not be required to file a claim. They will be contacted at the last known address and will be advised of the payment details and date. Payments will be made as quickly as possible.

Are my deposits guaranteed if I reside outside of the Province?

All deposits with Manitoba credit unions are covered by the Credit Union Deposit Guarantee Corporation, no matter where the depositor resides. As stated, the guarantee does not cover non-deposit investments (shares, mutual funds, etc.).

Does the Corporation have a Pandemic Plan?

The Corporation maintains a plan to ensure that core operations continue in the event of a pandemic. The plan contains several levels of response based on the severity of the threat, focusing on meeting the stated objectives of the Corporation.