OTTAWA – April 1, 2026 – The Canada Deposit Insurance Corporation (CDIC) welcomes Tru Cooperative Bank (formerly First West Credit Union) to its membership.
What this means for depositors
As provincial deposit insurance for Tru Cooperative Bank has ended, CDIC now provides transitional coverage for 180 days. During this time, your eligible deposits made before April 1, 2026, will continue to receive the same coverage that was offered by the Credit Union Deposit Insurance Corporation of British Columbia. For term deposits, such as Guaranteed Investment Certificates (GICs), it will extend until the deposit reaches maturity or is cashed out. For demand deposits, such as chequing and savings accounts, the coverage remains in effect for the duration of the transition period.
At the end of the transition, all eligible deposits held at Tru Cooperative Bank, as well as any new deposits made on or after April 1, 2026, will receive CDIC’s protection of up to $100,000 for each deposit category.
About Tru Cooperative Bank
Tru Cooperative Bank, formerly First West Credit Union, is a British Columbia headquartered financial institution with approximately 1,300 staff across 45 advice centre locations. The federal credit union serves over 289,000 members and has over $20 billion in total assets and assets under administration.
About CDIC
CDIC is a federal Crown corporation, established by Parliament in 1967. We protect people’s insured deposits and contribute to financial stability by safeguarding over $1 trillion in deposits at more than 80 member institutions. As resolution authority, we are responsible for handling the failure of our members, from the smallest to the largest. Our members include banks, federally regulated credit unions, as well as trust and loan companies. We are funded by premiums paid by member institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million depositors. No one has ever lost any money under CDIC protection.
To find a CDIC member, you can search CDIC’s list of member institutions or look for the CDIC logo and digital badge on the bank’s website, ATM or branch.
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Frequently asked questions
What is the difference between a provincial and federal credit union? Are all credit unions eligible for CDIC protection?
Credit unions are usually governed by the provinces where they operate in which case provincial deposit insurance applies. However, credit unions may apply to continue as federal credit unions (FCUs). This enables such cooperatives to carry on business across Canada and grow nationally.
Once continued federally, FCUs become members of CDIC. As such, eligible deposits placed with an FCU benefit from CDIC deposit protection. CDIC protects eligible deposits at each CDIC member institution up to $100,000 (principal and interest combined), per insured category, per member institution.
Provincially insured deposits that existed prior to becoming an FCU are recognized as pre-existing deposits. To support FCUs during the change from provincial coverage of pre-existing deposits to CDIC protection, transitional coverage applies. Once the transition period for pre-existing deposits has passed, regular CDIC coverage rules will apply.
For more information on FCUs and transitional coverage, please visit Federal credit unions (FCUs).
I bank with First West Credit Union – are they still called that?
As of April 1, 2026, First West Credit Union has changed its name to Tru Cooperative Bank.
Does transitional coverage apply to new deposits I make at Tru Cooperative Bank (after April 1, 2026)?
No, transitional coverage only applies to eligible deposits made at Tru Cooperative Bank prior to entering into the federal deposit framework on April 1, 2026. Any eligible deposits made at Tru Cooperative Bank on or after that date receive regular CDIC protection of up to $100,000 (principal and interest combined), per insured category.
Does Tru Cooperative Bank have trade names / regional divisions?
The following are trade names of Tru Cooperative Bank:
- Enderby & District Financial
- Envision Financial
- Island Savings
- Valley First
If I have deposits at one of Tru Cooperative’s regional divisions (trade names), how does CDIC coverage work?
A trade name is a separate business name that is used by a member institution to market eligible deposit products. Deposits made under a trade name do not benefit from additional deposit insurance coverage as a trade name does not represent a unique CDIC member.
Transitional coverage applies to deposits held at a trade name the same as it does to Tru Cooperative Bank.
CDIC protection for eligible deposits made under a trade name is combined with deposits held at Tru Cooperative Bank for up to $100,000, per category.
Can I make withdrawals from my pre-existing deposits?
Yes, but any withdrawal from a pre-existing deposit will be deducted from your maximum coverage, in respect of that pre-existing deposit.
However, new eligible deposits are covered up to CDIC’s usual maximum of $100,000, per insured category.
For further information
For media inquiries or other requests, please contact us.