Public Information about the Deposit Insurance Guarantee
Public information about the BC deposit insurance program should be communicated through materials provided by the BC Financial Services Authority (“BCFSA”). Further questions should be directed to BCFSA staff.
The “Peace of Mind through Security” brochure has been developed to answer the most frequently asked questions about the BC credit union deposit insurance program. If questions about the deposit guarantee remain unanswered, the brochure directs depositors to CUDIC’s website at www.cudicbc.ca for additional information and to knowledgeable staff who can be contacted by telephone.
The CUDIC brochure is available from Central Forms Supply (1 800 561 9952) at a reasonable cost. Since the brochure is supplied only to credit unions, the credit unions must ensure that its deposit agents and brokers remain adequately supplied.
BC credit unions may otherwise advertise the deposit insurance guarantee program only in accordance with the permitted formats, detailed below.
Statutory Obligations of Advertisers
Credit Union advertising managers should pay special attention to Section 274 of the Financial Institutions Act (FIA), which relates to advertising of the deposit guarantee.
Section 274 establishes the authority of the BC Financial Services Authority (the commission) to regulate advertising of the deposit guarantee and the obligations of advertisers in advertising the guarantee:
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(1) |
The commission may issue to each credit union a mark, sign or device, designating coverage under the fund, that may be displayed at the office of the credit union and reproduced on the credit union’s stationery or advertising. |
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(2) |
A credit union must not represent, advertise or hold out that the credit union or any of its share or deposits or money invested in or deposited with it is protected or insured under this Act otherwise than by the use of marks, signs, advertisements or other devices |
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a) authorized by the commission, or |
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b) accordance with prescribed standards of advertising. |
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(3) |
A credit union must not represent, advertise or hold out that its deposits or share other than those guaranteed under Section 266 are guaranteed or insured under this Act. |
Advertising of the Deposit Guarantee
The sample advertising wording and usage has been approved by the BC Financial Services Authority (BCFSA), and may be displayed at credit union offices and used in credit union advertising without further approval.
Any variation to the authorized advertising text of the deposit insurance coverage is not permitted. BCFSA will no longer accept requests for approval for variation to the authorized advertising text. A person commits an offence who contravenes section 274.
Standards of Advertising
The following standards of advertising are provided to credit unions for production of advertisements to prevent misunderstanding and inadvertent misrepresentation of the deposit guarantee.
Primary Emphasis
In all advertising media, ensure that the primary emphasis is
on your credit union�s services, not the deposit guarantee.
The advertising of the deposit guarantee as a benefit of joining a credit union can be used as long as this benefit statement appears at the bottom of the list of benefits. For example:
" B.C. Credit Unions, where deposits are 100% protected ", |
OR |
" Get unlimited deposit insurance at B.C. Credit Unions ", |
Comparative Advertising
Comparative advertising of the deposit guarantee with deposit insurance of other types of financial
institutions is not permitted.
Use of the Term " Guarantee "
The use of the term �guarantee� is acceptable for Guaranteed Investment Certificate (GIC) term
deposits, and investment in other types of credit union deposits. Otherwise, the term �guarantee� is not
permitted for use in advertisements that contain references to the deposit guarantee.
Insurable Deposits Only
Mention of the deposit guarantee is restricted to advertising of deposit products only. In situations
where deposits, mutual funds and equity shares appear in the same advertisement, there are to be distinct
sections for mutual funds and equity shares and deposits. Any reference to deposit insurance
coverage can only appear in the �deposits� section.
Print Advertising
The following short advertising statements are to be used for print advertising.
Approved Use of "Protection" Wording
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Approved Use of the Word "Guarantee"
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Approved Use of �Security� and �Peace of Mind� Wording
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Internet/Home Page Advertising
The Credit Union Deposit Insurance Corporation (CUDIC) of British Columbia
brochure, �Your Guide to B.C. Credit Union Deposit Insurance�, is
available on CUDIC�s website.
Credit unions may provide a �hot link� to CUDIC�s website. The internet address
is: https://www.cudicbc.ca.
Any advertising of the deposit insurance guarantee on the internet must comply with the
standards for Print Advertising as contained in this webpage.
Television, Radio and Telephone System Advertising
The following supplied wording can be used in television and radio commercials and on telephone systems:
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Signage
No signage relating to the Deposit Guarantee (other than the CUDIC decals) is permitted on the exterior of the credit union building.
CUDIC Logo
Download a logo file by clicking on the appropriate thumbnail below, then right clicking and selecting
Save Target As.
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Advertising Decals
To obtain advertising decals please contact BCFSA