Deposit Insurance
As a member of WFCU Credit Union, you can rest assured that your deposits are safe, secure and insured. As a credit union in Ontario our members deposits are insured by the Financial Services Regulatory Authority of Ontario (FSRA).
Deposits are insured up to a maximum of $250,000 in the following non-registered accounts:
- Chequing & Savings Accounts
- Guaranteed Investment Certificates (GIC) and other term deposits regardless of term of investment
- Money Orders
- Funds in Transit
- Index-linked Term Deposits (principal portion only)
- Trust Accounts
- Joint Accounts
- Business Accounts (e.g. Corporations, Partnerships)
Deposits have unlimited coverage when held in the following registered accounts:
- Locked-in retirement account (LIRA)
- Life Income Fund (LIF)
- Registered retirement savings plan (RRSP)
- Registered retirement income fund (RRIF)
- Registered disability savings plan (RDSP)
- Registered education savings plan (RESP)
- Tax-free savings account (TFSA)
The following are not insured through FSRA:
- Mutual Funds
- Stocks
- Shares
- Mortgages
- Membership Shares
- Patronage, investment or preferred shares issued by the credit union
- Foreign Currency Deposits
- Contents of Safety Deposit Boxes
- Securities held for safekeeping
- Bonds & Debentures Issued by Governments and Corporations
- Treasury Bills
Learn more at fsrao.ca.