Confused about the Government Deposit Guarantee?

There has been some confusion regarding the Government Deposit Guarantee.

The Government Deposit Guarantee for amounts up to $1million is still in effect and has not changed. The Government will review the cap level (ie: the $1 million ceiling) in October 2011.

What has changed, is the Federal Government Guarantee Scheme for Large Deposits and Wholesale Funding, which was withdrawn effective March 31, 2010.

This withdrawal only affects depositors who have funds of more than $1 million with BCU (or any other registered financial institution) and who may have requested, or have been considering a request, for a fee to be paid to guarantee those deposit funds in excess of $1 million. After March 31, a fee can no longer be paid to have their funds guaranteed.