Banks and Credit Unions

Banks and credit unionsConsumers have several financial institutions to choose from, including banks and credit unions. Some are regulated by the federal government, and some by provincial or territorial governments.

Learning More About Banks and Credit Unions

The Financial Consumer Agency of Canada (FCAC) works to protect and inform consumers of financial services. The FCAC's banking section provides information and resources to consumers on banking services.

The Canadian Consumer Handbook provides tips, contacts, and other information for consumers, including information on financial services. The Handbook is produced as a partnership by the Consumer Measures Committee, a group of senior federal, provincial, and territorial government consumer affairs officials.

The Canada Deposit Insurance Corporation (CDIC) insures eligible deposits made to its member financial institutions in the event of their failure. Its website provides information for consumers on deposit insurance in Canada, what is covered and what is not, and a full list of member institutions.

Provincial and Territorial Information

Choose your province or territory from the list above for information that applies to where you live.

For residents of Ontario

The Financial Services Commission of Ontario (FSCO) regulates the Ontario credit union and caisse populaire industry in compliance with the Credit Unions and Caisses Populaires Act. Its website has information on the complaint filing process, and on how to resolve a complaint about a credit union or caisse populaire.

The Deposit Insurance Corporation of Ontario (DICO) provides insurance to protect the savings of depositors to Ontario credit unions in the event a credit union is unable to repay its depositors. The DICO website provides consumers with information on deposit insurance in Ontario, what is covered and what is not, and a full list of covered credit unions and caisses populaires.

For residents of Quebec

The Autorité des marchés financiers (AMF) is mandated by the government of Quebec to regulate the province's financial markets and provide assistance to consumers of financial products and services. Its website offers a series of financial education tools and publications for consumers on financial services including deposit insurance. Quebec residents can contact the AMF for detailed information on the complaint filing process, and on how to resolve a financial services related complaint.

For residents of Nova Scotia

The Financial Institutions Division of the Nova Scotia Department of Finance regulates the operations of credit unions, and trust and loan companies in the province, and is also responsible for reviewing consumer financial services enquiries and complaints.

The Nova Scotia Credit Union Deposit Insurance Corporation (NSCUDIC) provides deposit insurance for credit unions and caisses populaires in Nova Scotia.

The NSCUDIC website provides consumers with information on deposit insurance in Nova Scotia, what is covered and what is not, and a full list of covered credit unions and caisses populaires.

For residents New Brunswick

The New Brunswick Credit Union Deposit Insurance Corporation (NBCUDIC) provides insurance to protect the savings of depositors to New Brunswick credit unions in the event a credit union is unable to repay its depositors.

The NBCUDIC website provides consumers with information on deposit insurance in New Brunswick, what is covered and what is not, and a full list of covered credit unions and caisses populaires in the province.

For residents of Manitoba

The Financial Institutions Regulation Branch of Manitoba Family Services and Consumer Affairs is responsible for the regulation of financial institutions and cooperatives in the province. They also provide mediation services for consumer disputes with their credit union, caisse populaire or cooperative.

The Deposit Guarantee Corporation of Manitoba (DGCM) provides insurance to protect the savings of depositors to Manitoba credit unions in the event a credit union is unable to repay its depositors.

The DGCM website provides consumers with information on deposit insurance in Manitoba, what is covered and what is not, a full list of covered credit unions and caisses populaires, and answers to frequently asked questions.

For residents of British Columbia

The Financial Institutions Commission (FICOM) is an agency of British Columbia's provincial government, which administers the statutes providing regulatory rules for the protection of the public in the province of British Columbia in matters of real estate, insurance, credit unions and trust companies, and more.

The FICOM website offers consumers a list of frequently asked questions related to BC's credit unions, a full list of authorized credit unions in BC and detailed information on the filing process for complaints related to trust companies and credit unions.

The Credit Union Deposit Insurance Corporation (CUDIC), a statutory corporation, guarantees all deposits and non-equity shares of British Columbia credit unions as set out in the Financial Institutions Act.

The CUDIC website provides consumers with information on deposit insurance in British Columbia, what is covered and what is not, and a full list of covered credit unions.

For residents of Prince Edward Island

The Financial Services section of the Prince Edward Island Department of Environment, Labour and Justice manages the operations of credit unions, and trust and loan companies in the province, and is also responsible for handling the financial questions and complaints of consumers.

The Prince Edward Island Credit Union Deposit Insurance Corporation (PEICUDIC) provides deposit insurance for credit unions in Prince Edward Island.

The PEICUDIC website provides consumers with information on deposit insurance in Prince Edward Island, what is covered and what is not, and a full list of covered credit unions.

For residents of Saskatchewan

Credit Union Deposit Guarantee Corporation (CUDGC) is mandated by provincial legislation - The Credit Union Act, 1998 - for the main purpose of guaranteeing the full repayment of deposits held in Saskatchewan credit unions.

The CUDGC website provides consumers with information about Saskatchewan's despoit protection model and deposit guarantee, and includes a list of frequently asked questions.

For residents of Alberta

The Alberta Superintendent of Financial Institutions (ASFI) regulates Alberta's credit union and loan and trust corporation industry. Their website contains information on the complaint filing process, and on how to resolve a complaint with a credit union or loan and trust corporation. You will also find listings of all registered Alberta credit unions, and loan and trust corporations.

The Credit Union Deposit Guarantee Corporation (CUDGC) monitors and regulates the performance of credit unions in Alberta and the compliance of Alberta credit unions with the Credit Union Act. The primary role of the Corporation is to guarantee deposit protection to deposit holders with credit unions in Alberta.

The CUDGC website provides consumers with information on deposit insurance in Alberta, including what is and is not covered, and answers to frequently asked questions.

For residents of Newfoundland and Labrador

The Credit Union Deposit Guarantee Corporation (CUDGC) provides insurance to protect the savings of depositors to Newfoundland and Labrador credit unions in the event a credit union is unable to repay its depositors.

The CUDGC website provides consumers with information on deposit insurance in Newfoundland and Labrador, what is covered and what is not, and a full list of covered credit unions and caisses populaires in the province.

For residents of Northwest Territories

For more information on this topic, you may wish to contact your territorial consumer affairs office. They can be reached at:

Consumer Affairs, Department of Municipal and Community Affairs
5201-50th Avenue, Suite 600
PO Box 1320
Yellowknife, Northwest Territories X1A 3S9
Telephone: 867-873-7125
Fax: 867-873-0309
Email: michael_gagnon@gov.nt.ca
Website: http://www.maca.gov.nt.ca/?page_id=504

For residents of Yukon

For more information on this topic, you may wish to contact your territorial consumer affairs office. They can be reached at:

Consumer Services, Department of Community Services
Andrew Philipson Law Centre
2130 Second Avenue, 3rd Floor
PO Box 2703 (C-5)
Whitehorse, Yukon Y1A 2C6
Telephone: 867-667-5111
Toll Free: 1-800-661-0408 ext. 5111
Fax: 867-667-3609
Email: consumer@gov.yk.ca
Website: www.community.gov.yk.ca/consumer/index.html

For residents of Nunavut

For more information on this topic, you may wish to contact your territorial consumer affairs office. They can be reached at:

Consumer Affairs, Department of Community and Government Services
267 Qaiqtuq Building
P.O. Box 440
Baker Lake, Nunavut X0C 0A0
Telephone: 867-793-3303
Toll Free: 1-866-223-8139
Fax: 867-793-3321
Email: Laupaluktuq@gov.nu.ca
Website: www.gov.nu.ca/english/