Frequently Asked Questions About Credit Unions for Consumers

This web page provides consumers answers to frequently asked questions related to credit unions and caisses populaires in Ontario.

 

  1. Who is the insurer of credit unions deposits and what is the maximum amount of protection for deposits?
  2. How can I join a credit union?
  3. How can I obtain a copy of my credit union's financial statements?

1. Who is the insurer of credit union deposits and what is the maximum amount of protection for deposits?

The Deposit Insurance Corporation of Ontario (DICO) insures most deposits in credit unions or caisses populaires in Ontario. Deposits must be in Canadian dollars and held at a DICO insured institution [New Window] to qualify for insurance protection. Deposit insurance covers eligible deposits up to the prescribed statutory limit of $100,000. Deposits made to registered plans and tax free savings accounts are also insured up to any amount. For more information on deposit coverage, refer to the DICO website [New Window], or call (416) 325-9444.

2. How can I join a credit union?

Each credit union has its own rules for becoming a member. They specify who may become a member of the credit union under its bond of association. Each person has to pay a specified amount (that is set out in the credit union's by-laws) as membership share capital before qualifying for membership. A credit union's shares are not insured by DICO. For more information on membership requirements, you can contact the credit union you are interested in joining.

3. How can I obtain a copy of my credit union's financial statements?

The most recent audited financial statements are available to the members of a credit union, upon request, from  the credit union. Many but not all credit unions post their audited financial statements and/or annual report on their website.