Protecting Credit Union members and their deposits

To better protect credit union members, FSRA, Ontario’s financial services regulator, is proposing an Unclaimed Deposits Rule and accompanying guidance for a second consultation.

The Rule will require credit unions to transfer unclaimed deposits to FSRA after the account has been inactive for 10 years.

To access an unclaimed deposit, a credit union member, beneficiary, or estate will need to file a claim with FSRA and provide evidence of their right to the deposit. The proposed Rule outlines requirements for credit unions and those claiming entitlement.

The proposed Rule and accompanying Guidance are being posted for a second consultation for 30 days, which will close on February 10, 2025.

Learn more:

• FSRA’s first consultation on proposed Unclaimed Deposits Rule and Guidance
• Second consultation on Unclaimed Deposits Rule and Guidance

FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.

Learn more at www.fsrao.ca.