The Credit Union Difference

Being a part of a credit union mean doing more with your money. It’s making the choice to keep your dollars local, and putting your health, the health of your community, and your local economy ahead of some investment banker’s bottom line. It’s about putting your interests first.

Credit unions are financial cooperatives, where all the members are owners too. Not only do credit unions offer the same products and services as the big banks, they do it while keeping your money local and investing it back into the community. Did we mention they’ve also got some of the best rates, and deposit protection in the industry? It’s modern banking at its finest.

Deposit Insurance


The Financial Services Regulatory Authority of Ontario (FSRA) deposit insurance program ensures the safety of Ontario’s credit unions and caisses populaires by providing comprehensive and reliable insurance for all eligible deposits - automatically. The best part? There’s no charge to you since each credit union is legally required to be insured by FSRA, and they pay for coverage through their insurance premiums, so they pass the safety (rather than the cost) on to you.

Protecting your financial future is of utmost importance, so FSRA’s maximum coverage for insurable deposits is $250,000 (principal, interest, and total deposits in all branches combined for unregistered accounts) and unlimited for registered accounts! That’s a lot higher than your average bank at just $100,000.


1. Who pays for deposit insurance coverage?

  • Credit unions and caisses populaires pay for deposit insurance coverage through premiums paid to FSRA. All insurable deposits held by depositors are automatically covered.

2. What happens if a credit union goes out of business?

  • Payments for insurable deposits are made as soon as possible;

  • The payment includes principal and interest up to $250,000 for insurable deposits held in non-registered accounts aggregated together and unlimited for insurable deposits held in registered accounts;

  • Borrowers from an insolvent credit union or caisse populaire are responsible for repayment of outstanding debt until paid in full and will be notified by letter from FSRA with specifics, including any exercise of a right of set-off against deposits or deposit insurance payments to assist in such repayment.

3. As an account owner what can I do to ensure complete and prompt payment if my credit union or caisse populaire fails?

  • Ensure your credit union or caisse populaire always has your current and complete contact information;

  • Understand what’s covered and what’s not.

WHAT'S COVERED Expand/Collapse

Insurable deposits held at Ontario credit unions and caisses populaires in Canadian currency are covered up to a maximum of $250,000. Insurable deposits include:

  • Chequing and savings accounts

  • Guaranteed Investment Certificates (GIC) and other term deposits (regardless of term of investment)

  • Money orders

  • Funds in transit

  • Index-linked term deposits (principal portion only)

All insurable deposits in the following registered accounts have unlimited coverage:

  • Locked-in retirement account (LIRA)

  • Life income fund (LIF)

  • Registered retirement savings plan (RRSP)

  • Registered retirement income fund (RRIF)

  • Registered disability savings plan (RDSP)

  • Registered education savings plan (RESP)

  • Tax-free savings account (TFSA)

To be eligible for deposit insurance coverage, you must be a member of the credit union or caisse populaire. Deposit insurance coverage is provided by the Deposit Insurance Reserve Fund administered by FSRA and pre-funded by Ontario credit unions and caisses populaires at no cost to depositors


Basic Coverage: The maximum basic coverage for insurable deposits held in non-registered accounts is $250,000 (principal and interest combined) per depositor in each Ontario credit union and caisse populaire and unlimited for insurable deposits held in registered accounts. Deposits held in different branches of the same credit union or caisse populaire are not separately insured.

Separate Coverage: FSRA’s deposit insurance program provides separate coverage for insurable deposits held in joint accounts, trust accounts and registered accounts

LIMITS Expand/Collapse

The following are not covered under FSRA’s deposit insurance program:

  • Mutual funds

  • Membership shares

  • Patronage, investment or preferred shares issued by a credit union

  • Foreign currency deposits

  • Contents of safety deposit boxes

  • Securities held for safekeeping


Credit Union or Caisse Populaire

A corporation incorporated as a credit union or Caisse Populaire under the Credit Unions and Caisses Populaires Act or as a predecessor thereof.


Funds held on deposit with a credit union or Caisse Populaire by a member or for his or her benefit, including savings and chequing accounts, term deposits, and guaranteed investment certificates.


A corporation, an individual, an unincorporated association or a partnership.


A person who is a member of a credit union or Caisse Populaire under the Credit Unions and Caisses Populaires Act and any other depositor from which a credit union or Caisse Populaire may lawfully accept deposits.

Patronage Dividends

A patronage dividend is a share of our profits that the Board returns to our membership annually. You won't see many banks sharing their profits with their customers, but sharing the wealth is one of our core values - and one of the best benefits of banking the credit union way. Based on your business with us you could receive anything from $2 up to a maximum of $200 (that’s cash directly in your account just for being a part of the neighbourhood)!  Essentially, we take care of our own, so as member-owner when we make a profit, you get a piece of it, and the more you bank with us, the more we share with you. It’s what sets us apart.


What is a patronage dividend? Expand/Collapse

A patronage dividend is a share of the profits that the Board, in their sole discretion, may choose to return to the membership on an annual basis. It’s one of the things that makes us different from a bank!

How much is the dividend? Expand/Collapse

The total amount to be disbursed is decided annually by the Board. This year it is $300,000. The amount paid to each eligible member is based on that member’s business with us and ranges from a minimum of $2.00 to a maximum of $200.00.

Why is the payment capped at $200.00? Expand/Collapse

By putting a ceiling on the dividend, more members are able to participate in our share the wealth program.

Why is there a minimum of $2.00? Expand/Collapse

We want to reward those members who make us their primary banking institution.