Deposits 100% Guaranteed

The Credit Union Deposit Guarantee Corporation guarantees the repayment of all deposits with Alberta Credit Unions, including accrued interest. Additionally, the Credit Union Act provides that the Government of Alberta will ensure that this obligation of the Corporation is carried out.

All deposit amounts are 100% guaranteed and include accrued interest to the date of payout. Deposit amounts included chequing and savings accounts, RRSP deposits, RRIF deposits, foreign currency deposits, and term deposits, including those with terms exceeding five years.

This means both the deposit money you put in and the interest earned is safe and secure - up to any dollar amount.

Three Levels of Protection

The Credit Union Deposit Guarantee Corporation, a Provincial corporation, and credit unions operate under the authority of the Credit Union Act. This legislation provides a three-level system of deposit protection:

Level 1:

Each credit union is required to build and maintain capital to a level outlined in the Credit Union Act and Regulations. A credit union's capital is comprised of:

• retained earnings, and
• common shares and investment shares (if any) owned by its members.

Level 2:

The Credit Union Deposit Guarantee Corporation provides a 100% guarantee of all deposits with Alberta credit unions. This protection includes accrued interest to the date of payout.

Level 3:

The Government of Alberta ensures that the Credit Union Deposit Guarantee Corporation's obligation to the depositors will be carried out.