Funds held on deposit in Saskatchewan credit unions are fully guaranteed through the Credit Union Deposit Guarantee Corporation. The full guarantee is made possible through a comprehensive deposit protection regime that is focused on prevention.

Credit Union Deposit Guarantee Corporation, as the primary regulator and deposit guarantor, works closely with credit unions to ensure credit unions are operating in a sound and prudent manner. Regulatory requirements are put into place by the Corporation to ensure that credit unions are operating in accordance with standards of sound business practice and to ensure that there is always an adequate level of capital held at the credit union level to effectively manage business risks.

Through ongoing monitoring of credit union performance the corporation is able to identify potential risks early and clearly communicate any preventive action necessary in a credit union to protect deposits.

Credit Union Deposit Guarantee Corporation manages a deposit protection fund to support the Corporation in fulfilling its obligations to depositors. The fund is provided for through provincial legislation, the Credit Union Act, 1998, under which credit unions are incorporated. Saskatchewan credit unions established the guarantee fund in 1953. As one of the first deposit guarantors in Canada, the Credit Union Deposit Guarantee Corporation is proud to report that no depositor has ever lost funds held in a Saskatchewan credit union. Saskatchewan credit unions intend to keep it that way.

What type of coverage does the full guarantee on deposits provide?

The full guarantee applies to all forms of personal, business and trust deposits including, but not limited to chequing, savings, term deposits and registered plans are comprised of deposits in a credit union.

The guarantee of deposits does not include any form of equity or capital such as membership or investment shares. The guarantee does not apply to mutual funds or other investment programs that are not credit union deposits.