Jan 2, 2020
2020 Executive Committee
Jim Blanchard: Chair
Adam Peters: Vice-Chair
Vaughn Smith: Secretary-Treasurer
May 7, 2013
have been updated and are now available for viewing. Please select the Annual Reports Tab and then "Other Documents" to view.
May 18, 2010
Board of Directors Checklist for Standards of Sound Business Practices
is now available for PEI Credit Union Directors on our website. Please select the Annual Reports Tab...
May 10, 2010
Standards of Sound Business Practices
are now available for PEI Credit Unions. Please select the Annual Report tab, and select Other Documents...
|ARE ALL PRINCE EDWARD ISLAND CREDIT UNIONS MEMBERS OF THE CUDIC?
All Island Credit Unions are required to be members of the CUDIC. Members display this sign:
ARE MEMBERS OF CUDIC EXAMINED?
Yes. All credit unions are examined at least annually by the Inspector of Credit Unions.
CAN THE LISTINGS IN THIS BROCHURE CHANGE?
Yes, the listing can change. Reasons for changes include new credit unions, changes in name of members or amalgamation of members. For information about deposits made with members that have a change in membership status, call the CUDIC office.
WHAT DOES CUDIC INSURE?
CUDIC insures some deposits you make with our members. Insurable deposits include:
To be eligible for deposit insurance protection, your deposit must be payable in Canadian currency. Deposits must also be repayable no later than five years after the date of deposit. A depositor may be an individual, an association of individuals, a corporation, an association of corporations or a government.
- membership share accounts;
- savings and chequing accounts;
- term deposits;
- money orders;
- certified drafts and cheques.
Not all deposits and investments offered by our members are insurable. For example, CUDIC does not insure:
WHAT IS THE MAXIMUM INSURANCE PROTECTION?
- foreign currency deposits (savings accounts, chequing accounts and term deposits);
- term deposits that are locked in longer than five years;
- debentures issued by a credit union;
- bonds and debentures issued by governments and corporations;
- treasury bills; and
- investments in mortgages, stocks and mutual funds.
The maximum basic protection that you can have with the same credit union is $125,000
(principal and interest combined). The $125,000 maximum, therefore, applies to all of the insurable deposits that you have with the same member. Deposits are not insured separately in each branch of a credit union.
CUDIC provides separate protection for joint deposits, formal trust deposits and deposits held in registered retirement savings plans (RRSPs), registered retirement income funds (RRIFs), registered disability savings plans (RDSPs) and Tax Free Savings Accounts (TFSAs).
If you have a deposit in your name as well as a deposit that is owned jointly with someone else, the deposit is insured separately. The maximum insurance for the same joint owners with the same credit union is $125,000.
If you are a trustee for another person, and the formal trusteeship is on record with the credit union, the deposit is insured separately from other deposits that you have in your own name. This deposit is also insured separately from deposits made directly by the beneficiary.
A trust deposit can have more than one beneficiary. If the member institution has on its records a breakdown of the interests of each person holding money in the deposit, each beneficiary is insured up to $125,000.
CUDIC insures the total value of deposits held in registered retirement savings plans, registered retirement income funds, and registered disability savings plans as defined in the Income Tax Act (Canada). To be insurable, the funds must be invested in savings accounts or in term deposits that meet our five year requirement and must be payable in Canadian currency.
IF I HAVE DEPOSITS IN ONE CREDIT UNION, DOES THIS AFFECT MY COVERAGE LIMITS FOR DEPOSITS IN ANOTHER CREDIT UNION?
No, your deposits in each credit union are separate and distinct and the limits apply to each credit union separately. Eligible deposits in one credit union do not affect the limits for eligible deposits in another credit union.
WHAT HAPPENS IF A MEMBER INSTITUTION CHANGES ITS NAME OR AMALGAMATES WITH ANOTHER MEMBER?
The changes do not affect insured deposits made before the date of the change. For information on the protection of deposits made after that date, please call our office.
WHAT HAPPENS IF A MEMBER INSTITUTION FAILS?
The information on this page is presented in a nontechnical way and is not intended to be a legal explanation of CUDIC's Act and By-Laws.
- It is not necessary to file a claim with CUDIC.
- CUDIC writes to the insured depositors advising them of the particulars for the payment.
- Payments are made as soon as possible.
- The payment includes principal and interest up to $125,000
- To avoid collapsing registered plans, CUDIC transfers the insured funds to another member institution.