Toronto Catholic School Board Employees Credit Union is secure and financially stable.  Through recent market turbulence, your credit union remains sound and strong. Our members have trusted us for 36 years to assist them with sound financial service, advice and support.  In this time of financial uncertainty, your Credit Union is here for you and your family.

In addition to being closely regulated, we follow conservative investing and lending practices and our balance sheet reflects our strong local focus.  Ensuring the safety of members’ deposits is always a top priority.

We are not involved in the sub-prime lending market.  We lend prudently to help our members in our community where we live, work and serve. As a result, our loan delinquency rates have historically been low.

Although Canada’s economic outlook has dimmed, Credit Union members can rest assured their money is safe and their Credit Union is secure.

Credit Unions have not been involved in the sub-prime lending that has caused problems in the U.S.

Credit unions are primarily funded by member deposits, not borrowings, as many U.S. banks are.  This provides a stable deposit base relative to other financial institutions in Canada, the U.S. and elsewhere

YOUR CREDIT UNION IS HERE FOR YOU AND YOUR FAMILY.

1)      Are my deposits insured?

• Your money is safe and secure with your credit union. No member of an Ontario credit union has ever lost a cent of his or her deposits. The Deposit Insurance Corporation of Ontario insures Canadian currency deposits, including interest, to a maximum of $100,000 per individual. It also insures each separate RRSP, RRIF and RESP contract and each unique trust or joint account to a maximum of $100,000 per account.

• For full details on deposit protection, visit www.dico.com

• The maximum basic coverage that is available for all eligible deposits that are held in the name of Q&A a depositor at a single member institution is $100,000 (includes interest and dividends). DICO provides separate coverage up to a maximum of $100,000, (includes interest and dividends) for each of the following types of eligible deposits:
• deposits held jointly, in the name of two or more persons
• deposits held in trust for one or more beneficiaries;
• deposits held in registered plans such as RRSPs, RRIFs, RESPs, and OHOSPs
• deposits held in the name of a corporation, partnership or association.
• Eligible deposits held at different credit unions are separately insured. Eligible deposits held at different branches of the same credit union are combined for the purposes of determining the maximum insurance coverage.

2)       How can I structure my accounts to get the most protection?

• Deposits at different credit unions are separately guaranteed by DICO in Ontario. By arranging your deposits to conform to the definitions of a deposit in the province, insurance protection can reach many times the insured limit of $100,000. Corporate and business accounts are insured separately, as are joint accounts and trusts.

3)       If the Canada Deposit Insurance Corporation (CDIC) increases its deposit insurance from $100,000 to some higher amount, will credit unions receive the same coverage?

• Central 1 Credit Union is in discussions with both provincial governments to ensure that credit unions are not disadvantaged by any changes in the protection afforded to bank depositors.