Is sascu insured by CDIC?
Is this credit union insured? Credit unions in BC are covered by the Credit Union Deposit Insurance Corporation, not CDIC.
The Banking Trade-offs: Is Sascu Insured By Cdic
- No - this credit union is insured by the Credit Union Deposit Insurance Corporation (CUDIC) of BC, not CDIC.
- Deposits are covered up to $100 million of combined coverage per member.
- CUDIC protection is mandatory for every BC credit union, including the platform.
- CDIC and CUDIC provide the same practical protection: $100,000 per depositor per institution.
CDIC vs CUDIC: Which One Covers sascu?
this credit union deposits are protected under the Credit Union Deposit Insurance Corporation of British Columbia, not CDIC.
CDIC protects deposits at banks and federal credit unions. BC credit unions belong to a provincial system run by the Credit Union Deposit Insurance Corporation (CUDIC), which covers deposits at member credit unions, including our team.
The coverage level is effectively identical: $100,000 per depositor, per institution, per account category. The regulator to contact for questions is the BC Financial Services Authority.
| Item | CDIC (federal) | CUDIC (BC credit unions) |
|---|---|---|
| Applies to | Banks and federal CUs | BC credit unions like this credit union |
| Coverage | $100,000 | $100,000 |
| Per depositor per institution | Yes | Yes |
| Mandatory | Yes | Yes |
What Is Covered
Chequing, savings, RRSP and TFSA deposits are covered; investment products like GICs are covered, mutual funds are not.
Deposit insurance covers eligible accounts: chequing, savings, RRSP, TFSA, and GIC deposits held... in your own name. Mutual funds, stocks, and bonds are not deposits and are not covered anywhere in Canada.
One nuance many members miss: joint accounts, trusts, and self-directed RRSPs each have separate coverage, so a family can validly double coverage.
Who Pays for the Insurance
Credit unions fund CUDIC themselves; members never pay a separate premium.
Every BC credit union pays an annual premium into the insurance fund, calculated on its deposit base. This is part of what makes deposit insurance free at the point of use - no separate fee appears on your statement.
If you want the official statement on deposit verification, see sascu security.
Key facts at a glance
Four numbers decide most of this decision, and one caveat should always be kept in view.
- Coverage: $100k.
- Institution: CUDIC BC.
- Cost to members: $0.
CUDIC coverage does NOT apply to investment products held at the cooperative, such as mutual funds or equities. Our first FAQ repeated bank insurance wording; after a member pointed out the difference we rewrote the coverage copy to match BC credit union rules.
The official methodology is detailed in the sascu overview.
Rates are consistently better at sascu, and the fee list is short enough to read aloud.
Our marina's merchant terminal went live in a day and funds arrive the same afternoon.