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Responsibilities | CUDIC
FAQs
Credit Union Deposit Insurance Coverage
There are many questions on credit union deposit insurance, most of which are answered in the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC) brochure - Your Guide to BC Credit Union Deposit Insurance .
Here are some additional FAQs not answered in our brochure:
Q. Regarding joint accounts, if one account is registered at the credit union with the names as A & B, and another account is registered with the names as B & A, do these 2 accounts get separate coverage?
A.No. These joint accounts would be combined as one separate deposit for deposit insurance purposes. Deposit insurance on joint accounts is not affected by the ordering of the joint account holders' names on the account.
Q. What happens to my deposit insurance coverage if I have accounts at 2 or more credit unions that merge?
A. See Bulletin CU-1997-001 (Deposit Insurance Coverage of Separate Deposits On a Business Acquisition or Amalgamation ("Merger")).
Q. I am a sole proprietor and have a personal account at my credit union as well as a business account in my name for my sole proprietorship. Do these accounts get separate coverage?
A. No. The sole proprietorship account and the personal account are not separate deposits and therefore, these accounts would not get separate coverage. The sole proprietorship account and the personal account would be combined for deposit insurance purposes, and would be covered up to $100,000 as per regulation.
Q. Do non-residents of BC that have deposits in BC credit unions get deposit insurance coverage?
A. Yes. Deposit insurance is not affected by a depositor's residency.
Q. Is the CUDIC deposit insurance brochure - Your Guide to BC Credit Union Deposit Insurance (revised December 1991) still valid?
A. Yes.
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