Advisories
Advisory 1
Disclosure Of Information On Deposit Insurance Coverage
A credit union or caisse populaire shall not use any form of advertising to indicate that its customer owners' deposits are insured without first submitting a description of the advertisement and obtaining written approval of the Nova Scotia Credit Union Deposit Insurance Corporation (the Corporation) as required by Section 170(1) of the Credit Union Act and CUDIC By-Laws.
All credit unions and caisse populaires in Nova Scotia should have an adequate supply of our brochure containing detailed information on deposit insurance coverage as well as posters and a door decal. Credit unions and caisse populaires should ensure these brochures are in a visible place and readily available to customer owners.
In addition, credit unions and caisse populaires may include information on deposit insurance in a newsletter to their customer owners, or in their annual report. The prescribed wording without requiring advanced approval from this office is as follows:
"Members' deposits are insured by the Nova Scotia Credit Union Deposit Insurance Corporation (CUDIC). Under this insurance plan, each member is insured to a maximum of $250,000 for the combined principal and interest of that member's total deposits. However, funds held under an RRSP or other registered investment vehicle approved by Revenue Canada are not included in that combined total, and such amounts are separately insured up to $250,000 for each registered plan contract of the member. Joint accounts and trust accounts are also insured separately to $250,000. In addition, each person in a trust account is insured separately from the others. Equity shares however are not covered by deposit insurance.
Any changes to the above message will require written approval for its use.
For complete information on deposit insurance coverage, please refer to a CUDIC brochure entitled "We Have You Covered". A copy of this brochure may be obtained at the credit union's office."
Vernon H. MacNeill
Chief Executive Officer
Amended: October 7, 2008
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