What does becoming a federal credit union mean to you?
We’ll remain a financial co-operative owned by our members. As a federal credit union, we continue to offer the same signature products and services, and remain focused on supporting your financial well-being and offering you friendly service, however to comply with federal legislation you may notice some changes. Here’s the scoop:
- Deposit insurance: As a federal credit union, our members’ deposits will be insured by the Canada Deposit Insurance Corporation (CDIC), which also insures deposits at the largest banks in the country, instead of by the Credit Union Deposit Insurance Corporation (CUDIC). CDIC deposit insurance coverage is up to $100,000 per depositor per institution in each of seven different categories. For eligible deposits held with Coast Capital prior to becoming a federal credit union, there is a transition period where CDIC will offer the same level of coverage as was offered by CUDIC prior to becoming a federal credit union. It’s important to note, there have never been any claims against deposit insurance relating to deposits held with Coast Capital. Our credit union is led by a talented management team who, along with the support and oversight of our experienced Board of Directors, have steered our credit union to strong membership growth and solid financial performance. Learn more about what’s covered under CDIC.
- Wealth management: We have restructured some of our wealth management activities to allow us to continue to offer you a range of wealth management products and services. Our new subsidiary, Coast Capital Wealth Management Ltd. has been created to carry on our financial planning business. All our Financial Planners, Advisors and Associates transitioned to CCWM effective September 23, 2018. You may notice the new CCWM name or logo printed on documents. There are no impacts to your investments or insurance as a result of the creation of this new subsidiary. Coast Capital Financial Management Ltd. will continue to support your life and disability insurance needs and a dedicated website has been established for its services.
- Statements: There are some minor additional fields of information related to mortgages that we are now including, such as payment amount and payment frequency for loan and mortgage accounts. While this change was triggered by our move to a federal credit union, we hope the extra information will help you better understand the cost of borrowing, giving you another tool to build financial well-being and having the power to achieve what’s important in your life.
- PASA and BASA: We’ve made some minor changes to our Personal and Business Accounts and Services Agreements (PASA/BASA) which govern your personal and business accounts and services at Coast Capital Savings. The good news is there is minimal impact and no action is required by our members.
- Name change: We’ll still be the same helpful, friendly credit union but we have a slightly different name. We will now be legally called Coast Capital Savings Federal Credit Union. Not a huge change – but something a tad different that you’ll see reflected on materials like our legal documents, forms and disclosures. You can continue to call us Coast Capital.