How much does a CU pay to become CDIC insured? | GIC discussions | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
sp_Search Search
Advanced Search
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Search Search
Go to Bottom
No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
How much does a CU pay to become CDIC insured?
January 16, 2023
12:35 pm
butterflycharm
Member
Members
Forum Posts: 177
Member Since:
April 19, 2019
sp_UserOfflineSmall Offline
Go to Top
1sp_EditHistory sp_Permalink sp_Print

How much does a Credit Union pay to become FSRA insured? or is it per product they offer? For example how much do they pay to insure GICs, TFSA, regular chequing/savings accounts?

January 16, 2023
12:49 pm
FastJonny
Ontario
Member
Members
Forum Posts: 51
Member Since:
February 20, 2022
sp_UserOfflineSmall Offline
Go to Top
2sp_EditHistory sp_Permalink sp_Print

butterflycharm said
How much does a Credit Union pay to become CDIC insured? or is it per product they offer? For example how much do they pay to insure GICs, TFSA, regular chequeing/savings accounts?  

It would be banks, CUs are not covered by CDIC.
"The CDIC Policy of Deposit Insurance prohibits members from disclosing premium rating information they receive from CDIC..."

https://www.cdic.ca/financial-community/for-cdic-members/premiums/

January 16, 2023
1:13 pm
butterflycharm
Member
Members
Forum Posts: 177
Member Since:
April 19, 2019
sp_UserOfflineSmall Offline
Go to Top
3sp_EditHistory sp_Permalink sp_Print

FastJonny said

It would be banks, CUs are not covered by CDIC.
"The CDIC Policy of Deposit Insurance prohibits members from disclosing premium rating information they receive from CDIC..."

https://www.cdic.ca/financial-community/for-cdic-members/premiums/  

Stand corrected: how much for FSRA? And if premiums are also prohibited to be disclosed why is that? And someone probably has written somewhere what they are or an average of it?

Based on below seems they have 4 categories of premiums. Does anyone know the averages of these premium rates if not the exact numbers? assuming they move with the inflation. Would they be in the 0.0x% for the low risk or in the 0.x% or in the x.0%? I can't think of it to be higher than 1% in any case.
[Image Can Not Be Found]

No permission to create posts
sp_Feed All RSS
Go to top

Please write your comments in the forum.