Deposits held in Saskatchewan credit unions are fully guaranteed. There is no limit to the size of deposit covered by the guarantee – whether $1 or $1,000,000 or more, all deposits are fully guaranteed.
Credit Union Deposit Guarantee Corporation is the primary regulator for Saskatchewan credit unions and is given its mandate by provincial legislation. In fulfilling its mandate, the Corporation promotes responsible governance by credit unions, and the strength and stability of the credit union system.
What are the Corporation's primary responsibilities?
Guarantee the repayment of deposits in Saskatchewan credit unions.
Maintain and manage a guarantee fund in a manner consistent with industry standards.
Establish prudential Standards of Sound Business Practice and monitor credit union performance according to those Standards.
Direct credit unions to take immediate action on any issue that may put depositor funds at risk.