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Consumers Frequently Asked Questions

This web page provides consumers answers to frequently asked questions related to the amended Credit Unions and Caisses Populaires Act, 1994 and Regulations.

 

 

  1. How can I obtain a copy of the Act and Regulations?
  2. How do the amendments to the Act and Regulations impact credit union members?
  3. Can you provide me with a list of Credit Unions in my area that are registered in Ontario?
  4. Who is the insurer of credit unions deposits and what is the maximum amount of protection for deposits?
  5. How can I join a credit union?
  6. How can I obtain a copy of my credit union's financial statements?
  7. Can you help me trace a credit union that no longer exists?
  8. Can you help me trace a credit union which has merged wih another credit union?
  9. How do I resolve a complaint about a credit union?

 

one 1. How can I obtain a copy of the Act and Regulations?

You can obtain a copy from Publications Ontario [New Window] by calling 416-326-5300 or 1-800-668-9938.

The Act and Regulations are also available at the e-Laws e-laws website [New Window].

 

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two 2. How do the amendments to the Act and Regulations impact credit union members?

The amendments to legislation will enhance consumer/member protection in areas such as credit union solvency, disclosure of the cost of borrowing, the establishment of a consumer complaint process and unlimited deposit insurance protection on registered plans.

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three 3. Can you provide me with a list of credit unions in my area that are registered in Ontario?

For an alphabetical listing of all Credit Unions and Caisses Populaires currently registered in Ontario, please visit FSCO's credit union listing page [New Window], or the DICO website [New Window].

The Deposit Insurance Corporation of Ontario (DICO) is a provincial agency providing deposit insurance protection for the members of Ontario credit unions and caisses populaires. DICO’s website also lists [New Window]registered credit unions, address and contact information.

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four 4. Who is the insurer of credit union deposits and what is the maximum amount of protection for deposits?

  • DICO insures most deposits but not all
  • Deposits must be in Canadian dollars and held at a DICO insured institution [New Window]
  • 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 details about what is covered and what is not covered please contact DICO [New Window], the deposit insurer at (416) 325-9444.

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five 5. How can I join a credit union?

The credit union specifies who may be a member under its bond of association. Each member has to pay a specified amount as uninsured share capital before the individual is qualified as a member, which is set out in the credit union's by-laws. You can contact the credit union for more information about its membership requirements.

 

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six 6. How can I obtain a copy of my credit union's financial statements?

Financial statements are available on request from your credit union.

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seven 7. Can you help me trace a credit union that no longer exists?

For a credit union that no longer exists, visit the History of Closed Insured Institutions page [New Window] on the DICO website.

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eight 8. Can you help me trace a credit union which has merged with another credit union?

To trace a credit union to another credit union it has merged with, visit the Insured Institution Mergers - Recent Amalgamations and Purchases page on the DICO website.

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nine 9. How do I resolve a complaint about a Credit Union?

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