DEPOSIT GUARANTEE CORPORATION OF MANITOBA
100% Guaranteed Deposits
All deposits in any Manitoba credit union or caisse populaire are guaranteed, without limit. We ensure that Manitoba credit unions and caisses populaires operate under sound business practices.
Heritage Federal Credit Union: Deposits placed with Heritage Federal Credit Union are not guaranteed by the Deposit Guarantee Corporation of Manitoba. There is no affiliation between the two organizations.
COVID-19: On March 11, 2020 the World Health Organization characterized the novel coronavirus COVID-19 as a pandemic. To ensure continued operations and 100% guarantee of deposits held with Manitoba credit unions and caisse, DGCM’s Pandemic Plan has been implemented. Information on COVID-19 can be found on the Government of Manitoba website, here.
FREQUENTLY ASKED QUESTIONS (FAQs)
How are my deposits protected?
DGCM ensures that credit unions and the caisse operate under sound business practices and maintain quality assets, thereby minimizing the risk of loss. Legislation requires credit unions and the caisse to maintain minimum levels of capital and liquidity. DGCM maintains a fund to guarantee deposits. Credit unions and the caisse pay a quarterly assessment to maintain the Guarantee Fund at an acceptable level.
Are deposits in Manitoba credit unions and the caisse 100% guaranteed?
Yes. DGCM guarantees the repayment of all deposits with Manitoba credit unions and the caisse, including accrued interest to the date of payout. It is not affected by a credit union or caisse changing its name, amalgamating, or entering into similar types of arrangements.
Is this guarantee the same as the banks’ $100,000 insurance?
No. This guarantee is provided by DGCM and only applies to Manitoba credit unions and the caisse. 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.
Are my deposits guaranteed if I reside outside of Manitoba?
Yes. All deposits with Manitoba credit unions and the caisse are covered by DGCM, regardless of where the depositor resides.
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).
Is DGCM part of the Manitoba Government?
No. DGCM 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 DGCM.
Does the Government of Manitoba also cover deposits?
No. There is no legislated requirement for the Manitoba government to guarantee deposits.
How will I get my money if a credit union or caisse fails?
In the unlikely event of a credit union or caisse 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.
The Corporation’s Annual Reports for the past five years are available for download in PDF format. Please ensure that you have Acrobat X software that can read PDF files. Adobe’s website has a document reader available as a free download at www.adobe.com