Credit Union System

Credit Unions have been serving Canadians since 1900, when Alphonse Desjardins founded the first “caisse populaire” in Levis, Quebec. Credit unions began as an alternative to a commercially centred, inhospitable banking system. They hold combined assets of $253 billion and serve 11 million members (as at September 30, 2010). The fundamental operating principle of credit unions is democratic ownership… one member – one vote, regardless of the amount of shareholdings or deposits. As a member, you have a voice in your credit union and equal access to all the services it offers. Throughout its history, the Canadian credit union system has maintained a record of sound, prudent financial management, solid growth and uncompromising service to credit union members For more information, visit Credit Union Central of Canada at www.cucentral.com or Central 1 at www.central1.com.
  Deposit Safety Guaranteed
  The Deposit Insurance Corporation of Ontario (DICO) is an Ontario provincial government agency, which protects members of Ontario credit unions against the loss of their deposits. Deposit insurance covers eligible deposits up to the prescribed statutory limit of $100,000 in each of the following categories - deposits held in one name, jointly in more than one name, or in a trust account.

DICO provides unlimited insurance for Canadian deposits in each eligible registered savings plan such as an RRSP, RRIF and RESP.

In Canada, credit unions have an enviable historical record. No credit union member has ever lost a dollar of money in a credit union deposit account. More information is available at www.dico.com