Deposit Insurance

The Facts on Deposit Insurance

At $250,000, credit unions and caisses populaires have the highest deposit protection in Nova Scotia. The Nova Scotia Credit Union Deposit Insurance Corporation (CUDIC) provides the most comprehensive deposit insurance and stabilization programs of any financial institution in the province.

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.

Who is covered?

Every credit union member is covered. If a member passes away, the protection continues through a trustee, executor, administrator or legal representative.

What accounts are covered?

All deposits accounts – the combined total of each member’s chequing, savings and term deposit accounts are covered up to $250,000, including principal and interest.

Trust deposits are insured separately up to $250,000, including principal and interest. In addition, each person in a trust account is insured separately up to $250,000, including principal and interest.

All joint accounts owned by the same combination of persons are added together and the combined total is insured to $250,000, including principal and interest.

Every registered RRSP, RRIF and RESP investment contract is insured separately to $250,000, including principal and interest. This means you can have unlimited coverage of your RRSP portfolio by maintaining multiple contracts of $250,000 or less.

What accounts are not covered?

  • Equity shares issued by a credit union
  • Self-administered RRSPs that are not deposits (e.g. real estate or mutual funds)
  • Securities held for safekeeping
  • Mutual funds
  • Accounts in foreign currency

Must I file a claim?

No. CUDIC will determine all insured deposits and pay members as they are entitled.

Who pays the cost of deposit insurance?

Each credit union pays premiums to CUDIC for deposit insurance coverage.

Who administers CUDIC?

CUDIC is administered by a seven-member board of directors appointed by the province of Nova Scotia, at least three of whom are nominated by Atlantic Central.

How will I know if a credit union is insured by CUDIC?

Every active credit union in Nova Scotia is required by legislation to be insured by CUDIC. The credit union must display the official membership sign of CUDIC. We also have to display Member of Nova Scotia Credit Union Deposit Insurance Corporation or Membre de Société d’Assurance-Dêpots des Caisses Populaires de la Nouvelle-Écosse.

Where can I go for more information?

For more information on our deposit insurance program, visit CUDIC’s website or email