Deposit Insurance
New Brunswick Credit Union Deposit Insurance Corporation
Eligible deposits at Bayview Credit Union are insured against any possible failure of the institution by the New Brunswick Credit Union Deposit Insurance Corporation (NBCUDIC). NBCUDIC provides $250,000 coverage on insurable deposits (principal and interest combined) including joint deposits, trust deposits and deposits held in RRSPs and RRIFs (Registered Retirement Income Funds).
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Deposit Type
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Coverage Limit
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Combination of:
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$250,000
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Eligible deposits in RRSPs
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$250,000
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Eligible deposits in RRIFs
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$250,000
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Eligible deposits held jointly
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$250,000
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Eligible deposits made in trust
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$250,000
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Many banks have limited coverage for their customer accounts, often with $100,000 as a cap for individual insurable deposits. The credit union strategy used at Bayview of $250,000 coverage on insurable deposits is an industry leader in Canada.
Holdings that are considered risk-related or equity, such as Mutual Fund investments, Membership/Surplus Share accounts and foreign currency accounts cannot be covered by NBCUDIC. But basic transaction, savings, and some investment accounts are covered, so you can bank with confidence at Bayview.
Stabilization Fund
In addition to the NBCUDIC, credit unions employ an additional form of protection which chartered banks do not. Credit unions have pooled resources together over the years to establish a "stabilization fund". This level of protection is unique to credit unions and is available to provide financial assistance to credit unions in the event that losses have depleted their equity base.
The Stabilization Fund is administered by a Board of Directors of eight people, five of whom are appointed or elected by credit unions. The other three are appointed by government.
In addition to providing financial assistance to credit unions, the Stabilization Fund carries out inspections and monitors the financial condition and business practices of credit unions on an ongoing basis.
New Brunswick Credit Union Central Website Info
To learn more about NBCUDIC and the Credit Union Stabilization Fund, please visit our NB Central Credit Union website:
NB Central Credit Union Stabilization Fund Info >>
