Policy, Rules
Credit Unions and Caisses Populaires
Comment Due Date

To better protect credit union members and their deposits, FSRA is proposing an Unclaimed Deposits Rule and accompanying Guidance.

The Rule will require credit unions to transfer deposits to FSRA after the account has been inactive for 10 years and attempts to notify/locate the member have not been successful.

FSRA will hold the transferred deposits for 40 years (if less than $1,000) or 100 years (if more than $1,000). If the deposits are not claimed within these timeframes, FSRA is required to transfer them to the Ontario Consolidated Revenue Fund, which benefits all Ontarians.

To claim 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.

To support the Rule, FSRA is also releasing new Guidance for consultation. The Guidance provides transparency on how FSRA will administer the Rule. It also includes interpretation of the requirements in the Rule for both credits unions and those filing a claim.

The Rule and accompanying Guidance are being posted for a 60-day consultation period which closes on May 16, 2024.

Learn more:


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Sector Comment Date posted Sort ascending
Credit Unions and Caisses Populaires
[2024-004] Seemok Kim - kcccu
"maintain original records of all information related to an unclaimed deposit, for as long as FSRA is required to hold the unclaimed deposit.."
This means 40~100 years. Seems too long...

Date posted Sector Question and response
Credit Unions and Caisses Populaires

Question: How should we handle unclaimed membership share amount? Our member minimum share is $100 and they can buy additional share of $1,000. Even though we transferred the unclaimed deposit, the share may still remain and we can not close the member's account. If FSRA allows, we may amend our By-laws to refund the shares to be added to the unclaimed deposit to be transferred to FSRA. Please let us know.

FSRA response:

Thank you for your feedback. FSRA will consider this input as it reviews all submissions to the consultation.  

Credit Unions and Caisses Populaires

Question: In case of long term deposit, i.e. 5-year term deposit, the last transaction date shall start from the maturity date.

FSRA response:

Thank you for your feedback. FSRA will consider this input as it reviews all submissions to the consultation.