Frequently Asked Questions

Who administers NBCUDIC?

NBCUDIC is administered by a seven person board of directors, who are either government representatives or appointees.

Are deposits in New Brunswick credit unions 100% guaranteed?

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.

Does the Government of New Brunswick also cover deposits?

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.

Is this guarantee the same as the banks' $100,000 insurance?

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.

What is not covered by the guarantee?

NBCUDIC does not insure:

  • foreign currency deposits (savings and chequing accounts, and term deposits);
  • term deposits that are locked in longer than five years;
  • membership shares and other types of shares of a credit union;
  • bonds and debentures issued by governments and corporations;
  • treasury bills; and
  • investments in mutual funds and stocks.

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.

Which credit unions are covered by the guarantee?

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

How do I claim an unclaimed balance left in a New Brunswick credit union?

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.

I want to obtain some information on deposit insurance for credit unions. Where do I go?

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 trust@gnb.ca , telephone at (506)453-2315 or by mail at 225 King Street, Suite 200, E3B 1E1.

Why are mutual funds and securities not covered by the guarantee?

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.

Why are safety deposit box contents not covered?

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.

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, 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.

Are corporations eligible for deposit insurance?

If the corporation is a member of a New Brunswick credit union and holds eligible deposits, these deposits will be covered.

Is a Tax Free Savings Accounts TFSA eligible for NBCUDIC insurance?

The New Brunswick Credit Union Deposit Insurance Corporation insures eligible deposits that are held in TFSAs.

Are deposits held within a TFSA separately insured from other deposits at the same credit union up to the $250,000 limit, like deposits in an RRSP?

Yes, deposits held in a TFSA would be separate to other deposits of that depositor at the same credit union.

Deposits must be held in Canadian dollars.

For example:

If in your TFSA, you hold $15,000 in a GIC, and outside your TFSA you hold $300,000 in a savings account, for a total of $315,000, NBCUDIC would cover the $15,000 TFSA and $250,000 of your savings.


New Brunswick Credit Union Deposit Insurance Corporation
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