Is Credit Union Deposit Guarantee Corporation
part of the Alberta Government?
Are deposits in Alberta credit unions 100% guaranteed?
Does the Government of Alberta also cover deposits?
Is this guarantee the same as the banks $100,000 insurance?
Will the guarantee limit change?
What is not covered by the guarantee?
How is the deposit protection funded?
Which credit unions are covered by the guarantee?
How will I get my money if a credit union closes? How long will it take?
How do I claim an unclaimed balance left in an Alberta credit union
Is Credit Union Deposit Guarantee Corporation
part of the Alberta Government?
Credit Union Deposit Guarantee Corporation is a Provincial corporation established
under the Alberta Credit Union Act. A Board of Directors appointed by the Lieutenant
Governor in Council of Alberta administers the Credit Union Deposit Guarantee Corporation.
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Are deposits in Alberta credit unions 100%
guaranteed?
The Credit Union Deposit Guarantee Corporation guarantees the repayment of all deposits
with Alberta credit unions, including accrued interest to the date of payout. It is
not affected by a credit union changing its name, amalgamating, or entering into similar
types of arrangements
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Does the Government of Alberta also cover deposits?
The Credit Union Act provides that the Government of Alberta will ensure that the
Credit Union Deposit Guarantee Corporation's obligation to depositors is carried out.
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Is this guarantee the same as the banks' $100,000
insurance?
This guarantee is more extensive than the banks' insurance. All deposit amounts are
fully guaranteed and include accrued interest to the date of payout. Deposit amounts
include chequing and savings accounts, RRSP deposits, RRIF deposits, foreign currency
deposits, and term deposits, including those with terms exceeding five years.
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Will the guarantee limit change?
The Credit Union Act provides for a 100% guarantee on all deposits. The legislation
would have to be changed for the guarantee to change.
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What is not covered by the guarantee?
The 100% guarantee covers all deposits, including accrued interest to the date of
payout. The guarantee does not cover non-deposit investments, examples of which include
common shares, investment shares, mutual funds and self-administered RRSP's that are
not deposits (e.g. shares, mutual funds).
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How is the deposit protection funded?
Alberta credit unions fund the deposit guarantee through assessments paid to the Credit
Union Deposit Guarantee Corporation. The Deposit Guarantee Fund is invested in high
quality Canadian investments.
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Which credit unions are covered by the 100%
guarantee?
All Alberta credit unions are covered by the 100% guarantee.
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How will I get my money if a credit union closes?
How long will it take?
In the unlikely event of a credit union closing, depositors will not be required to
file a claim. They will be contacted at the last known address and will be advised
of the payment details and date. Payments will be made as quickly as possible.
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How do I claim an unclaimed balance left in
an Alberta credit union
The treatment of unclaimed balances (over $100.00) is governed by the Credit Union
Act. The credit union attempts to contact members/customers who have had no transactions
or no written acknowledgment in the previous 2 years. Where members/customers have
not been located for 10 years, the credit union transfers the account to Credit Union
Deposit Guarantee Corporation.
Members/customers who believe they are entitled to an unclaimed balance should first
contact the credit union involved. If the funds have been transferred, or the credit
union does not have record of a balance, the member/customer should contact Credit
Union Deposit Guarantee Corporation (see contact information).
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