Deposit guarantee

Deposits held in Saskatchewan credit unions are fully guaranteed. There is no limit to the size of deposit covered by the guarantee. Whether it's $1 or $1,000,000 all deposits are fully guaranteed by Credit Union Deposit Guarantee Corporation (CUDGC).

To learn more about CUDGC and the guarantee, visit their website.

How will deposit insurance change if you become a federal credit union? Expand/Collapse

As a federal credit union, Innovation would be regulated by the Office of the Superintendent of Financial Institutions (OSFI) and the unlimited deposit guarantee provided by CUDGC would transition to the level of deposit insurance coverage provided by CDIC.

Eligible deposits to a federal credit union receive $100,000 of coverage in each of the following categories through CDIC:

  • deposits held in one name
    • savings accounts
    • operating accounts
    • term deposits with maturities of 5 years or less
  • deposits in a trust account
  • deposits in RRSPs
  • deposits in RRIFs
  • deposits in tax-free savings accounts
  • deposits in joint accounts
  • deposits in pay realty taxes on mortgaged properties

However, members deposits will continue with an unlimited guarantee beyond the continuance date. For terms, the unlimited guarantee will extend until the term expires - even if beyond the continuance date. For demand products, the unlimited guarantee will remain in place for 180 days beyond the continuance date.

IMPORTANT TO NOTE: for over 80% of our personal members, $100,000 in each of these categories is more than adequate coverage. However, we will proactively work with Innovation members to ensure that they are receiving the most coverage available once we fully transition to CDIC.

Will members ever need deposit insurance? Expand/Collapse

It is important to note that deposit guarantee insurance is something that members will likely never need - and that no one has ever lost a single dollar on insured deposits through either CDIC or CUGDC. We are also proud to say that the strength and viability of Innovation Credit Union does not solely rest on deposit guarantees. We continue to adhere to strict liquidity and capital adequacy guidelines and have processes in place to ensure we remain the strong and stable financial institution that we are today and that we have been for many years in the past. Federal regulation will only strengthen these processes and guidelines.

Please click here for additional information on CDIC deposit guarantee.
 

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Federal Continuance

For information on upcoming changes to DEPOSIT INSURANCE if we become a federal credit union, see our disclosure notice. Creditors who have concerns may contact Innovation Credit Union.