Details About Your Coverage
At $250,000, we have the highest protection in
Nova Scotia.
Maximum Coverage
By planning your investment portfolio with an understanding
of deposit protection, you can achieve maximum coverage
for your combined savings. In fact, your coverage
can grow with your investment portfolio.
Greater Flexibility
In a planned credit union portfolio, you are insured
up to $250,000 on a range of accounts. This includes
coverage for your primary savings and chequing accounts,
money held in a joint savings account, funds held
in a trust account, and all of your RRSP, RRIF or
RESP contracts up to $250,000 each. So, by choosing
multiple contracts, you can now have unlimited coverage
of your RRSP portfolio. Or, if you choose a trust
fund, each beneficiary of the trust receives the
maximum $250,000 coverage. This means you enjoy
greater flexibility and security when planning your
investment options.
Expanded Safeguards
Deposit protection in Nova Scotia credit unions
and caisses popularies isn't limited to deposit
insurance. It builds on a healthy credit union system,
bolstered by CUDIC's comprehensive loss prevention
program and insurance programs, and is backed by
provincial legislation. Your deposits are safeguarded
by four levels of protection:
- Locally, credit unions build reserves to cushion
against potential losses
- System-wide, CUDIC manages an extensive loss
prevention program that is founded on Sound Business
& Financial Practices and maintained with specific
controls to assure the necessary checks and balances
at every level of operations.
- In addition, CUDIC provides deposit insurance
for every credit union and all depositors.
- And finally, the Credit Union Act provides CUDIC
with the regulatory power to fulfill its obligations
to you.
