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The Credit Union Deposit Guarantee Corporation ("the Corporation") is a provincial Crown Corporation established in 1991 to provide deposit protection for credit union members in the Province of Newfoundland and Labrador and administer the Credit Union Act and Regulations on behalf of the Minister of Government Services and Lands.
Credit unions are required to meet statutory standards which protect them against potential financial losses. These standards are enforced by the Corporation on behalf of the Superintendent of Credit Unions. Each credit union is also required to have an annual audit performed by an external auditor.
The Corporation provides continuous financial monitoring of all credit unions and initiates remedial action if necessary.
The Corporation maintains a deposit guarantee fund for the purpose of protecting members' deposits. This fund is financed by the Provincial Credit Union System through assessments levied by the Corporation.
The Credit Union Deposit Guarantee Corporation is a Crown Corporation of the Government of Newfoundland and Labrador.
The Corporation guarantees members' deposits $250,000 per type of account at the same limits of deposit insurance as provided by the Canada Deposit Insurance Corporation. The types of accounts that are covered by the guarantee are:
| Type | Amount | Notes |
|---|---|---|
| Demand | $250,000 | (non equity shares, savings and chequing accounts, term deposits, guaranteed investment certificates, and debentures, etc.) |
| Registered Retirement Savings Plans | $250,000 | |
| Registered Retirement Income Fund | $250,000 | |
| Trust Accounts | $250,000 | (Where the member is acting as a trustee and the trusteeship is disclosed in the records of the credit union, the deposit will be insured separately from the member in his own right. The deposit will constitute a separate account for the beneficiaries of the trust.) |
| Joint Accounts | $250,000 | (Joint accounts are insured separately to a maximum of $250,000 to be divided equally among the joint owners.) |
Copyright © 2003 — Credit Union Deposit Guarantee Corporation
This page was modified on June 26, 2003. Today is July 3, 2008.
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