Skip to content
  1. Home
  2. Opinion

Letters: We want a credit union, not a bank

'The merger would force a change in SCCU’s deposit insurance. Currently, all SCCU deposits are 100 percent insured by the Credit Union Deposit Insurance Corporation of British Columbia. If the merger occurs, the insurer would change to the Canada Deposit Insurance Corporation.'
Coast Reporter
1e5bfed2-1bf5-4dbd-b932-1b608f3b88c6
An April 3 press release said the Sunshine Coast Credit Union plans to merge with Prospera Credit Union and  Coast Capital Savings Federal Credit Union.Coast Reporter file photo

Editor: 

Coasters who have accounts with the Sunshine Coast Credit Union have been receiving a mail-in ballot.

It asks if they want the credit union to merge with Coast Capital Savings Credit Union and Prospera Credit Union. I plan to tick off the “No” box.

The merger would force a change in SCCU’s deposit insurance. Currently, all SCCU deposits are 100 percent insured by the Credit Union Deposit Insurance Corporation of British Columbia. If the merger occurs, the insurer would change to the Canada Deposit Insurance Corporation.

It would treat the credit union like a bank and impose a $100,000 limit on each insured account.

In the last 50 years, 43 banks and credit union have failed. With Trump playing chicken with the world’s—and pointedly Canada’s—economy, many more could occur.

Let’s not cave in to those who want to make our local credit union more like a bank. You may not have $100,000 now, but maybe someday you will.

The more insurance, the better.

Elizabeth Rains

Area F