Is the Credit Union Deposit Insurance Fund part of the government?

No. The fund is an Independent and Autonomous Institution regulated under the Co-operative Societies Act 1971 (Chap. 81:03) and the Co-operative Societies Regulations. The  Deposit Insurance Fund is administered by a Board of seven (7) Directors.


Are Shares & Deposits 100% Guaranteed?

No.  The Fund offers a limited share and deposit guarantee program.


What exactly is covered by the Share & Deposit Guarantee Program?

Unencumbered Shares up to $125,000

Unencumbered Deposits up to $50,000  


How will I know if my shares & deposits at the Credit Union are insured, or guaranteed?

If you would like confirmation that your shares & deposits are guaranteed, speak to your Credit Union representative or contact us. In addition, you can look for the Fund’s certificate of membership displayed in your Credit Union office.


Can a non-member credit union qualify for the guarantee?

No. Only Credit Unions who are members of the Deposit Insurance Fund are covered under the Share & Deposit Guarantee Program.


What is not covered by the guarantee?

The guarantee program does not cover any liability the credit union may incur other than members’ shares & deposits.


Why are mutual funds and securities not covered by the guarantee program?

Mutual funds and securities are investments purchased by an agent who invests in companies on your behalf. The investments are not deposits made to the Credit Union; therefore, they are not covered by the Deposit Insurance Fund.


Is interest on deposits included as part of the guarantee?



What happens to my shares & deposits in a Credit Union if I die?

In the event of death, all shares & deposits, become part of a depositor’s estate. The money is covered by the guarantee program as long as it remains in a credit union which is a member of the Fund.


How is the guarantee program funded?

Member credit unions pay an annual sum based on the incremental increase of its share and deposits.


Who is the Deposit Insurance Fund accountable to?

The Fund is a Co-operative Society and is subject to requirements of the Co-operative Societies Act 1971 (Chap. 81:03), the Co-operative Societies Regulations and the Fund’s Bye-Laws.


How will I get my money if a credit union closes? How long will it take?

In the unlikely event of a credit union closing, shareholders & depositors will not be required to file a claim. They will be contacted at the last known address and will be advised of the payment details and date.

Payments will be made after the approved liquidator submits a report to the Commissioner for Co-operative Development and the Liquidation process been finalized. Only then can the monies be paid out.

If your questions have not been addressed please do not hesitate to contact us.