Deposit Insurance

At $250,000, we have the highest protection in Nova Scotia.

Security and Stability

The role of the Nova Scotia Credit Union Deposit Insurance Corporation (CUDIC) is to provide deposit insurance for Nova Scotia credit unions and caisse populaires. Working with Credit Union Central of Nova Scotia and the Nova Scotia Department of Business & Consumer Services, we provide the most comprehensive deposit insurance and stabilization programs of any financial institution in Nova Scotia.

Maximum Coverage

By planning your investment portfolio with an understanding of deposit protection, you can achieve maximum coverage for your combined savings. In fact, your coverage can grow with your investment portfolio.

Greater Flexibility

In a planned credit union portfolio, you are insured up to $250,000 on a range of accounts. This includes coverage for your primary savings and chequing accounts, money held in a joint savings account, funds held in a trust account, and all of your RRSP, RRIF or RESP contracts up to $250,000 each. So, by choosing multiple contracts, you can now have unlimited coverage of your RRSP portfolio. Or, if you choose a trust fund, each beneficiary of the trust receives the maximum $250,000 coverage. This means you enjoy greater flexibility and security when planning your investment options.

Expanded Safeguards

Deposit protection in Nova Scotia credit unions and caisse populaires isn't limited to deposit insurance. It builds on a healthy credit union system, is bolstered by CUDIC's comprehensive loss prevention program and insurance programs, and is backed by provincial legislation. Your deposits are safeguarded by four levels of protection:
  • Locally, credit unions build reserves to cushion against potential losses.
  • System-wide, CUDIC manages an extensive loss prevention program that is founded on Sound Business & Financial Practices and maintained with specific controls to assure the necessary checks and balances at every level of operations.
  • In addition, CUDIC provides deposit insurance for every credit union and all depositors.
  • And finally, the Credit Union Act provides CUDIC with the regulatory power to fulfill its obligations to you.

The Best Coverage Available

The chart below shows how CUDIC's comprehensive deposit insurance program works for you.

What You Should Know:

Who is covered?

Every credit union member is covered. If a member dies, the protection continues through a trustee, executor, administrator or legal representative.

Who pays the cost of deposit insurance?

Each credit union pays premiums to CUDIC for deposit insurance coverage.

Must I file a claim?

No. CUDIC will, as soon as possible, determine all insured deposits and pay member claims as they are entitled.

Who administers CUDIC?

The Nova Scotia Credit Union Deposit Insurance Corporation is administered by a seven-member board of directors appointed by the Province of Nova Scotia, at least three of whom are nominated by Credit Union Central of Nova Scotia.

How will I know if a credit union is insured by CUDIC?

Every active credit union in Nova Scotia is required by legislation to be insured by CUDIC. The credit union must display the official membership sign of CUDIC and the words - Member of Nova Scotia Credit Union Deposit Insurance Corporation or Membre de Societe d'Assurance-Depots des Caisses Populaires de la Nouvelle Ecosse.

What accounts are covered?

  • All deposit accounts - the combined total of each member's chequing, savings and term deposit accounts - are covered up to $250,000, including principal and interest.
  • Trust deposits are insured separately up to $250,000, including principal and interest. In addition, each person in a trust account is insured separately up to $250,000, including principal and interest.
  • All joint accounts owned by the same combination of persons are added together and the combined total is insured to $250,000, including principal and interest.
  • Every registered RRSP, RRIF and RESP investment contract is insured separately to $250,000, including principal and interest. This means that you can have unlimited coverage of your RRSP portfolio by maintaining multiple contracts of $250,000, or less.

What accounts are not covered?

  • Equity shares issued by a credit union
  • Self-administered RRSPs that are not deposits(e.g., real estate, mutual funds)
  • Contents of safety deposit boxes
  • Securities held for safekeeping
  • Mutual funds
  • Accounts in foreign currency