The New Brunswick Credit Union Deposit Insurance Corporation (NBCUDIC) has extended its deposit protection coverage to include more savings products at insured credit unions.
Effective July 1, 2022, members of New Brunswick credit unions insured with NBCUDIC will now receive insurance coverage for their Registered Disability Savings Plans (RDSPs), Registered Education Savings Plans (RESPs) and term deposits for Canadian and foreign currencies with an original term to maturity of more than five years.
This new coverage is in addition to deposit protection for Registered Retirement Saving Plans (RRSPs), Registered Retirement Income Funds (RRIFs) and Tax-Free Savings Accounts (TFSAs), as well as eligible deposits and deposits held in trust, with a term up to five years. Previously, only deposits in Canadian funds were protected.
The deposit protection insurance covers up to $250,000 for each category of savings product and up to $1,500,000 for a maximum of four savings products.
Insurance coverage for these savings products is only available through credit unions insured by NBCUDIC. All protected credit unions should display an NBCUDIC sticker on their door and members can verify that their credit union is insured by visiting NBCUDIC’s website.
Credit union members seeking more information about what this coverage means for them should speak with a representative from their institution or visit NBCUDIC.ca to learn more.
Media Contact:
1 866 933-2222 or media@fcnb.ca.
NBCUDIC is an agent of the Crown governed by the provisions of the Credit Unions Act. Our mission under the Act is threefold. First, we protect people who have eligible deposits with a credit union in New Brunswick by providing deposit insurance against loss. Second, we protect credit unions against financial losses and insolvency by establishing and maintaining a deposit protection fund. And finally, we provide financial assistance to credit unions for the purpose of stabilization.