The role of the Nova Scotia Credit Union Deposit Insurance Corporation (CUDIC) is to provide deposit insurance for Nova Scotia credit unions and caisse populaires. Working with Credit Union Central of Nova Scotia and the Nova Scotia Department of Business & Consumer Services, we provide the most comprehensive deposit insurance and stabilization programs of any financial institution in Nova Scotia.
By planning your investment portfolio with an understanding of deposit protection, you can achieve maximum coverage for your combined savings. In fact, your coverage can grow with your investment portfolio.
In a planned credit union portfolio, you are insured up to $250,000 on a range of accounts. This includes coverage for your primary savings and chequing accounts, money held in a joint savings account, funds held in a trust account, and all of your RRSP, RRIF or RESP contracts up to $250,000 each. So, by choosing multiple contracts, you can now have unlimited coverage of your RRSP portfolio. Or, if you choose a trust fund, each beneficiary of the trust receives the maximum $250,000 coverage. This means you enjoy greater flexibility and security when planning your investment options.
Deposit protection in Nova Scotia credit unions and caisse populaires isn’t limited to deposit insurance. It builds on a healthy credit union system, is bolstered by CUDIC’s comprehensive loss prevention program and insurance programs, and is backed by provincial legislation. Your deposits are safeguarded by four levels of protection:
The chart below shows how CUDIC’s comprehensive deposit insurance program works for you.
Every credit union member is covered. If a member dies, the protection continues through a trustee, executor, administrator or legal representative.
Each credit union pays premiums to CUDIC for deposit insurance coverage.
No. CUDIC will, as soon as possible, determine all insured deposits and pay member claims as they are entitled.
The Nova Scotia Credit Union Deposit Insurance Corporation is administered by a seven-member board of directors appointed by the Province of Nova Scotia, at least three of whom are nominated by Credit Union Central of Nova Scotia.
Every active credit union in Nova Scotia is required by legislation to be insured by CUDIC. The credit union must display the official membership sign of CUDIC and the words – Member of Nova Scotia Credit Union Deposit Insurance Corporation or Membre de Societe d’Assurance-Depots des Caisses Populaires de la Nouvelle Ecosse.