FAQ

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

Yes, the Credit Union Deposit Guarantee Corporation is a Provincial corporation established under the Alberta Credit Union Act. A Board of Directors appointed by the Lieutenant Governor in Council of Alberta administers the Credit Union Deposit Guarantee Corporation.

Are deposits in Alberta credit unions 100% guaranteed?

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

Does the Government of Alberta also cover deposits?

The Credit Union Act provides that the Government of Alberta will ensure that the Credit Union Deposit Guarantee Corporation’s obligation to depositors is carried out.

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

This guarantee is more extensive than the banks’ insurance. All deposit amounts are fully guaranteed, including accrued interest to the payout date. Deposit amounts include chequing and savings accounts, RRSP deposits, RRIF deposits, foreign currency deposits, and term deposits, including those with five-year terms.

Will the guarantee limit change?

The Credit Union Act provides for a 100% guarantee on all deposits. The legislation would have to be changed for the guarantee to change.

What is not covered by the guarantee?

The 100% guarantee covers all deposits, including accrued interest, to the payout date. The guarantee does not cover non-deposit investments, including common shares, investment shares, mutual funds and self-administered RRSPs that are not deposits (e.g. shares, mutual funds).

How is the deposit protection funded?

Alberta credit unions fund the deposit guarantee through assessments paid to the Credit Union Deposit Guarantee Corporation. The Deposit Guarantee Fund is invested in high-quality Canadian investments.

Which credit unions are covered by the 100% guarantee?

The 100% guarantee covers all Alberta credit unions.

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.

How do I claim an unclaimed balance left in an Alberta credit union?

The Credit Union Act governs the treatment of unclaimed balances (over $100.00). The credit union will attempt to contact members/customers without transactions or written acknowledgment within two years. Where members/customers have not been located for an additional ten years, the credit union transfers the account to the Credit Union Deposit Guarantee Corporation.

Members/customers who believe they are entitled to an unclaimed balance should first contact the credit union involved. If the funds have been transferred, or the credit union does not have a balance record. In that case, the member/customer should contact Credit Union Deposit Guarantee Corporation (see contact information).