Frequently Asked Questions
NBCUDIC is administered by a seven person board of directors, who are either government representatives or appointees.
As of October 31, 2008, the New Brunswick Credit Union Deposit Insurance Corporation guarantees the repayment of eligible deposits with New Brunswick credit unions, including accrued interest, up to $250,000. Repayment is not affected by a credit union changing its name, amalgamating, or entering into similar types of arrangements.
According to the Credit Unions Act, the Government of New Brunswick may provide assistance so the Corporation’s obligation to the depositors is carried out.
Deposit insurance offered by NBCUDIC covers up to $250,000 in eligible deposit accounts, while the same accounts in banks and trust companies are only covered up to $100,000.
NBCUDIC does not insure:
NBCUDIC does not insure all moneys held in registered plans. To be insurable, the funds must be invested in savings accounts or in term deposits that meet the five year requirement, and must be payable in Canadian funds.
Only credit unions regulated under the Credit Unions Act of New Brunswick are covered by the guarantee. For the listing of credit unions go to http://www.assurance-nb.ca/members-e.asp
The credit union attempts to contact the member by mail, sent to the member's last known address, and if the notice is not acknowledged within a reasonable time, the money is transferred into a special unclaimed balance account in the credit union.
Members who believe they are entitled to an unclaimed balance should contact the credit union involved.
The brochure Your Guide to Deposit Insurance Protection in New Brunswick Credit Unions provides basic information on deposit insurance. A copy of this brochure is available at any credit union. For additional information on deposit insurance, you can contact the Corporation through email at email@example.com , telephone at (506)453-2315 or by mail at 225 King Street, Suite 200, E3B 1E1.
Mutual funds and securities are investments purchased by an agent who invests in other companies on your behalf. The investments are not deposits made to the credit union, therefore, they are not covered by the guarantee.
The safety deposit box is rented from a credit union to house one's personal belongings. The contents of the box are not considered deposits made to the credit union and as a result no deposit protection exists through the New Brunswick Credit Union Deposit Insurance Corporation.
In the unlikely event of a credit union closing, members 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 by the liquidator. Payments will be made as quickly as possible.
If the corporation is a member of a New Brunswick credit union and holds eligible deposits, these deposits will be covered.
The New Brunswick Credit Union Deposit Insurance Corporation insures eligible deposits that are held in TFSAs.
Yes, deposits held in a TFSA would be separate to other deposits of that depositor at the same credit union.