1 The Credit Union Deposit Insurance Corporation (CUDIC) guarantees the repayment of deposits with Prince Edward Island credit unions, in accordance with the relevant provisions of the Credit Unions Act. Subsection 173(9) of Credit Unions Act Legislation provides that the Government of Prince Edward Island will ensure that this obligation of the Corporation is carried out. A brief summary of the deposit insurance coverage offered by CUDIC is set out below. 2 Membership is limited to Credit Unions incorporated under the laws of Prince Edward Island. All Island Credit Unions are required to be members of CUDIC. 3 The maximum deposit insurance is $60,000 per person in each Credit Union. Where a Credit Union operates a branch office, deposits are not insured separately in such branch offices. 4 CUDIC insures 100% of insurable deposits held in registered retirement savings plans (RRSPs) and registered retirement income funds (RRIFs). These are separately insured from other deposits a person may have with the same Credit Union. 5 Deposits in each Credit Union are separate and distinct and the limits apply to each Credit Union separately. Eligible deposits in one Credit Union do not affect the limits of eligible deposits in another Credit Union. 6 A depositor may be an individual, an association of individuals, a corporation, an association of corporations or a government. 7 Insurable deposits include Canadian currency savings and chequing accounts, membership share amounts, term deposits, investment certificates, travelers cheques, drafts and money orders issued by the Credit Union. 8 Separate insurance, to the $60,000 maximum, applies to joint accounts and trust deposits. 9 Credit Union Deposit Insurance Corporation (CUDIC) does not insure all deposits and investments offered by Credit Unions. 10 CUDIC does not insure foreign currency savings and chequing deposits, debentures issued by a Credit Union, bonds or debentures issued by government or corporations, treasury bills and investments in mortgages, stocks, and mutual funds. This information is presented in a non-technical way and is not intended to be a legal explanation of CUDIC’s Act and by-laws. For further information, download our CUDIC brochure, or contact us at: Credit Union Deposit Insurance Corporation P.O. Box 1747 281 University Avenue Charlottetown, PE C1A 7N4 Telephone: 628-6280