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The Credit Union Deposit Insurance Corporation (CUDIC), a government corporation, was established in 1958 to protect credit union members against the loss of deposits held by British Columbia credit unions. CUDIC's responsibility is to administer and operate a deposit insurance fund. The Financial Institutions Commission (FICOM), an agency of the Government of British Columbia, is responsible for the administering CUDIC and for administering the regulation of financial institutions operating in the province.
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| ANNOUNCEMENT FROM THE OFFICE OF THE PREMIER |
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As announced by the Office of the Premier on October 22, 2008 the Province intends to provide unlimited deposit insurance protection on deposits to British Columbia's credit unions, effective immediately. Deposits at credit unions were formerly insured up to a level of $100,000. All credit unions in the province have deposit insurance through the Credit Union Deposit Insurance Corporation. The new protection will apply to deposits currently covered by this insurance. The government's press release is available here, with more information available on the CUDIC website. If you have any questions or concerns, please contact Your Community Credit Union at 245-2247 and ask for John or Keith.
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The information contained on this page is presented in summary form for your convenience and should not be relied upon as a complete explanation of deposit insurance coverage. Reference should be made to the Financial Institutions Act and Regulations.
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Additional information may be obtained from your credit union manager or by contacting:
Credit Union Deposit Insurance Corporation
c/o Financial Institutions Commission
1200-13450, 102 Ave
Surrey, BC, V3T 5X3
http://www.cudicbc.ca/
Telephone: 604-953-5200
Toll Free: 1-866-206-3030
Fax: 604-953-5301
E-mail: FICOM@ficombc.ca
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