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DGCM
Deposit Guarantee Corporation of Manitoba
At a Manitoba credit union, all deposits are 100% guaranteed by the DGCM.
What is the role of the Deposit Guarantee Corporation of Manitoba (DGCM)?
- Provide a 100% guarantee of deposits held with Manitoba credit unions.
- Ensure that credit unions operate according to standards of sound business practice.
- Monitor credit union's performance and implement appropriate actions to reduce risk.
- Promote and otherwise contribute to the stability of and public confidence in the credit union system.
What's covered under the DGCM?
DGCM guarantees every deposit in a Manitoba credit union including accrued interest. This guarantee covers all deposits including chequing and savings accounts, term deposits/GICs (including those with terms exceeding five years), registered deposits, and foreign currency deposits. The guarantee is not affected by a credit union changing its name, amalgamating, or entering into similar agreements.
The guarantee does not cover non-deposit instruments such as members’ share capital (e.g. common, surplus, or preferred shares), mutual funds, and self-administered RRSPs that are not deposits (e.g. equity shares and mutual funds).
Since DGCM commenced operations in 1965, no member has ever lost any deposit or interest earned at the contracted or posted rate on a deposit.
Learn more, visit the DGCM website.