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Guaranteed Deposits

Guaranteed Deposits in Uncertain Times

The Credit Union Deposit Guarantee Corporation guarantees the repayment of all deposits with Alberta credit unions, including accrued interest. Additionally, the Credit Union Act provides that the Government of Alberta will ensure that this obligation of the Corporation is carried out.

This guarantee covers all deposits including foreign currency deposits and deposits with terms exceeding five years. It is not affected by a credit union changing its name, amalgamating, or entering into similar types of arrangements.

Non-Deposits Not Guaranteed

  • This guarantee covers deposits only.
  • The guarantee does not cover non-deposit investments, examples of which include common shares, investment shares, mutual funds and self-administered RRSP's that are not deposits (e.g. shares, mutual funds).

Three Levels of Protection

The Credit Union Deposit Guarantee Corporation, a Provincial Corporation, and credit unions, operate under the authority of the Credit Union Act. This legislation provides a three-level system of deposit protection.

Level One:
Each credit union is required to build and maintain capital to a level outlined in the Credit Union Act and Regulations. A credit union's capital is comprised of:

  • retained earnings, and
  • common shares and investment shares (if any) owned by its members

Level Two:
The Credit Union Deposit Guarantee Corporation provides a 100% guarantee of all deposits with Alberta credit unions. This protection includes accrued interest to the date of payout.

Level Three:
The Government of Alberta ensures that the Credit Union Deposit Guarantee Corporation's obligation to depositors will be carried out.

More Information

Contact Rocky Credit Union

5035 49 Street
Rocky Mountain House AB  T4T 1C1

P    403 845 2861
F    403 845 7295

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