Our members can rest assured knowing that their deposits are secure.
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Deposits made to Westoba Credit Union, or our virtual banking institution MAXA Financial are guaranteed 100% by the Deposit Guarantee Corporation of Manitoba.
If you have any questions, please reach out to our Virtual Services at 1-877-WESTOBA for help.
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Check out the FAQs from the Deposit Guarantee Corporation of Manitoba’s website below! Or visit their website to learn more.
DGCM ensures that credit unions and the caisse operate under sound business practices and maintain quality assets, thereby minimizing the risk of loss. Legislation requires credit unions and the caisse to maintain minimum levels of capital and liquidity. DGCM maintains a fund to guarantee deposits. Credit unions and the caisse pay a quarterly assessment to maintain the Guarantee Fund at an acceptable level.
Yes. DGCM guarantees the repayment of all deposits with Manitoba credit unions and the caisse, including accrued interest to the date of payout. It is not affected by a credit union or caisse changing its name, amalgamating, or entering into similar types of arrangements.
Yes. All deposits with Manitoba credit unions and the caisse are covered by DGCM, regardless of where the depositor resides.
In the unlikely event of a credit union or caisse failure, depositors will not be required to file a claim. They will be contacted at their last known address to confirm the deposit and will be advised of the payment details and date.