Frequently Asked Questions

How are my deposits protected?

The Deposit Guarantee Corporation of Manitoba ensures that credit unions and caisses populaires operate under sound business practices and maintain quality assets, thereby minimizing the risk of loss. Legislation requires credit unions and caisses populaires to maintain minimum levels of capital and liquidity. The Deposit Guarantee Corporation of Manitoba maintains a fund to guarantee deposits. Credit unions and caisses populaires pay a quarterly assessment to maintain the fund at an acceptable level.

Is the Deposit Guarantee Corporation of Manitoba part of the Manitoba Government?

No. The Deposit Guarantee Corporation of Manitoba is established under The Manitoba Credit Unions and Caisses Populaires Act. A Board of Directors, appointed by the Lieutenant Governor in Council of Manitoba, oversees the Deposit Guarantee Corporation of Manitoba.

Are deposits in Manitoba credit unions and caisses populaires 100% guaranteed?

Yes. The Deposit Guarantee Corporation of Manitoba guarantees the repayment of all deposits with Manitoba credit unions and caisses populaires, including accrued interest to the date of payout. It is not affected by a credit union or caisse populaire changing its name, amalgamating, or entering into similar types of arrangements.

Does the Government of Manitoba also cover deposits?

No. There is no legislated requirement for the Manitoba government to provide financial support to the Deposit Guarantee Corporation of Manitoba.

Is this guarantee the same as the banks’ $100,000 insurance?

No. This guarantee is provided by the Deposit Guarantee Corporation of Manitoba and only applies to Manitoba credit unions and caisses populaires. Deposits placed with federally regulated financial institutions are insured by the Canada Deposit Insurance Corporation (CDIC). Please contact CDIC for information on their insurance coverage at www.cdic.ca.

What is not covered by the guarantee?

The guarantee does not cover non-deposit instruments, examples of which include common shares, surplus shares, preferred shares, mutual funds and self-administered RRSPs that are not deposits (e.g. equity shares, mutual funds).

Which credit unions and caisses populaires are covered by the 100% guarantee?

All Manitoba credit unions and caisses populaires are covered by the 100% guarantee. For a complete list, see Credit Union Central’s website at www.creditunion.mb.ca or Caisse Financial Group’s website at www.caisse.biz.

How will I get my money if a credit union or caisse populaire fails?

In the unlikely event of a credit union or caisse populaire failure, depositors will not be required to file a claim. They will be contacted at their last known address to confirm the deposit and will be advised of the payment details and date.

Are my deposits guaranteed if I reside outside of Manitoba?

Yes. All deposits with Manitoba credit unions and caisse populaires are covered by the Deposit Guarantee Corporation of Manitoba, regardless of where the depositor resides.