Are credit unions insured by the CDIC?

Yes, federal credit unions like Capital Coast Savings are insured by the CDIC. However, credit unions regulated by provincial institutions are insured by such institutions or by non-governmental entities. The amount of coverage provided by provincial insurers may vary for different credit unions, unlike banks insured by the CDIC, which are always covered up to $100,000 for each account-holding customer. Funds deposited into accounts at some credit unions may actually be insured for much higher amounts than what the CDIC covers. The Financial Services Regulatory Authority of Ontario insures non-registered accounts at Ontario credit unions for up to $250,000 and registered accounts, such as TFSAs and RRSPs, for an unlimited amount.

Are credit unions only available to people who belong to a work union?

No, many credit unions are very open and flexible with their membership criteria. Some will allow family members and friends of union members to join, while others are open to everyone.

Do credit unions offer home loans and other banking products?

While financial products vary from one credit union to the next, most offer the same products that banks do, including home loans. See the list above showing some of the banking products and services that credit unions typically offer.