Our Guarantee

Like any other financial institution, 1st Choice Savings is closely regulated.  The Credit Union Deposit Guarantee Corporation fully insures members' deposits.

All deposit amounts are 100% guaranteed and include accrued interest to the date of payout.

Deposit amounts including chequing and savings accounts, RRSP deposits, RRIF deposits, TFSA deposits, foreign currency deposits, and term deposits, including those with terms exceeding five years. The deposit guarantee does not cover non-deposit investments, examples of which include common shares, investment shares, mutual funds and self-administered RRSPs that are not deposits.

Three levels of protection

Level One:

Each credit union is required to build a maintain capital to a level outlined in the Credit Union Act and Regulations.

Level Two:

The Credit Union Deposit Guarantee Corporation provides a 100% guarantee of all deposits with Alberta credit unions.

Level Three:

The Government of Alberta ensures that the Credit Union Deposit Guarantee Corporation's obligation to the depositors will be carried out.

Deposit Protection Brochure

 

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