The Credit Union Difference

Being a part of a credit union mean doing more with your money. It’s making the choice to keep your dollars local, and putting your health, the health of your community, and your local economy ahead of some investment banker’s bottom line. It’s about putting your interests first.

Credit unions are financial cooperatives, where all the members are owners too. Not only do credit unions offer the same products and services as the big banks, they do it while keeping your money local and investing it back into the community. Did we mention they’ve also got some of the best rates, and deposit protection in the industry? It’s modern banking at its finest.

Deposit Insurance

PROTECTING YOUR FUTURE

The Deposit Insurance Corporation of Ontario (DICO) ensures the safety of Ontario’s credit unions and caisses populaires by providing comprehensive and reliable insurance for all eligible deposits - automatically. The best part? There’s no charge to you since each credit union is legally required to be insured by DICO, and they pay for coverage through their insurance premiums, so they pass the safety (rather than the cost) on to you.

Protecting your financial future is of utmost importance, so DICO’s maximum coverage for insurable deposits is $250,000 (principal, interest, and total deposits in all branches combined for unregistered accounts) and unlimited for registered accounts! That’s a lot higher than your average bank at just $100,000.

GENERAL QUESTIONS Expand/Collapse

1. How will you know that your credit union or caisse populaire is insured by DICO?

Each credit union or caisse populaire must display the official membership sign of DICO.

2. How will you know if your credit union or caisse populaire is not insured by DICO?

All active credit unions and caisses populaires in Ontario are required by legislation to be insured by DICO. In the unlikely event that a credit union or caisse populaire  should cease operations, its deposits continue to be insured by DICO in accordance with the specified coverage limits.

3. Who pays the cost of deposit insurance?

Credit unions pay for deposit insurance protection through premiums paid to DICO.

4. Are deposits in different credit unions and caisses populaires separately insured?

Yes. If you have deposits with more than one credit union or caisse populaire, deposit insurance coverage limits are applied separately to the deposits in each credit union or caisse populaire.

5. Are deposits in different branches of the same credit union or caisse populaire separately insured?

No. Deposit insurance coverage limits apply to the combined total of the deposits in all branches of any one credit union or caisse populaire.

INSURANCE Expand/Collapse

Basic Protection

The maximum basic protection for eligible deposits is $250,000 (principal and interest combined) per member in each credit union.  Deposits held in different branches of the same credit union are not separately insured.

 

Separate Protection

DICO provides separate protection for deposits held in joint accounts and trust accounts.  All deposits in registered savings plans are all fully insured.

 

Joint Deposits

Deposits you own with someone else are insured separately from deposits in your own name, provided the records of the credit union identify the name and address of each joint owner. The maximum insurance protection for deposits having the same joint owners at each credit union is $250,000 (held jointly, not per individual owner).

 

Trust Deposits

Deposits held in trust accounts are insured separately from deposits owned by the trustee or the beneficiary. 

The records of the credit union must identify:

  • The deposits are held in trust;
  • The name and address of the trustee(s);
  • The name and address of the beneficiary(ies).
  • If a trust deposit has more than one beneficiary, the portion owned by each beneficiary must be identified on the credit union's records. Each beneficiary's portion is insured up to $250,000.  Eligible deposits with both the same trustee and the same beneficiary are combined and the total is insured to a maximum of $250,000.

 

Registered Savings Plan

Deposits held in registered savings plans are separately insured from the deposits held in other accounts.  All deposits made to registered savings plans are fully insured with no limit on the maximum amount. Registered Savings Plans include RRSP, LIRA RRIF, LIF, RESP (Registered Educational Savings Plan), RDSP (Registered Disability Savings Plan), and TFSA (Tax-Free Savings Account).

LIMITS Expand/Collapse

DICO Insures:

Canadian currency deposits payable in Canada including:

  • Savings and chequing accounts
  • Term deposits including index-linked term deposits
  • Guaranteed investment certificates
  • Deposits in registered savings plans (e.g. - RRSP, LIRA, RRIF, LIF, RESP, RDSP, TFSA)

 

DICO Does NOT Insure:

  • Mutual funds
  • Membership shares
  • Patronage, investment, or preferred shares issued by a credit union
  • Foreign currency deposit accounts
  • Contents of safety deposit boxes
  • Securities held for safekeeping

 

To be eligible for deposit insurance protection, you must be a member of a credit union.

GLOSSARY OF TERMS Expand/Collapse

Credit Union or Caisse Populaire

A corporation incorporated as a credit union or Caisse Populaire under the Credit Unions and Caisses Populaires Act or as a predecessor thereof.

Deposit

Funds held on deposit with a credit union or Caisse Populaire by a member or for his or her benefit, including savings and chequing accounts, term deposits, and guaranteed investment certificates.

Person

A corporation, an individual, an unincorporated association or a partnership.

Depositor

A person who is a member of a credit union or Caisse Populaire under the Credit Unions and Caisses Populaires Act and any other depositor from which a credit union or Caisse Populaire may lawfully accept deposits.

Patronage Dividends

A patronage dividend is a share of our profits that the Board returns to our membership annually. You won't see many banks sharing their profits with their customers, but sharing the wealth is one of our core values - and one of the best benefits of banking the credit union way. Based on your business with us you could receive anything from $2 up to a maximum of $200 (that’s cash directly in your account just for being a part of the neighbourhood)!  Essentially, we take care of our own, so as member-owner when we make a profit, you get a piece of it, and the more you bank with us, the more we share with you. It’s what sets us apart.

This Year's Dividends

We’re pleased to announce that $300,000 in profits was shared with eligible members in the form of patronage dividends on March 16, 2018. Thanks for being a part of the neighbourhood, and helping us build a stronger community this year.

FAQ's

What is a patronage dividend? Expand/Collapse

A patronage dividend is a share of the profits that the Board, in their sole discretion, may choose to return to the membership on an annual basis. It’s one of the things that makes us different from a bank!

How much is the dividend? Expand/Collapse

The total amount to be disbursed is decided annually by the Board. This year it is $300,000. The amount paid to each eligible member is based on that member’s business with us and ranges from a minimum of $2.00 to a maximum of $200.00.

Why is the payment capped at $200.00? Expand/Collapse

By putting a ceiling on the dividend, more members are able to participate in our share the wealth program.

Why is there a minimum of $2.00? Expand/Collapse

We want to reward those members who make us their primary banking institution.

 

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