News & Events

Unlimited Deposit Insurance

Vancity welcomes Provincial Government announcement of unlimited deposit insurance coverage for BC credit unions

On October 22, Premier Gordon Campbell announced the Province intends to increase deposit insurance coverage for BC’s credit unions from $100,000 to unlimited, effective immediately. Links to further information can be found at the bottom of this page.

This is great news for our members, and for members of all BC credit unions. This will mean you can keep all of your deposits at a single credit union, if you so choose, knowing that they are protected.

The top three things members need to know

  • The Premier announced the intention to provide unlimited credit union deposit coverage effective immediately
  • This means you will be able to keep all of your deposits in one place, with the assurance that they are fully protected. You need take no action
  • The Legislature will be recalled on November 20 in order to consider the required legislative changes, a process which may take a few weeks. Assuming the legislation is adopted, the intention is to make the change to deposit insurance RETROACTIVE to October 22

Where can I find more information about deposit insurance coverage?

FICOM is responsible for administering CUDIC. An updated overview of CUDIC and details of how to contact them with specific questions is available at this link: http://www.fic.gov.bc.ca/responsibilities/CUDIC/overview.htm
You can find the following information on the homepage of the BC Government's website at www.gov.bc.ca:

  • a copy of the news release
  • a copy of the Premier’s Statement on the Economy
  • a webcast of the Premier’s Statement