Deposit Guarantee


In light of the recent COVID-19 outbreak, it is important to feel that your money is safe and protected.

We would like to reassure Achieva Financial customers that your deposits are guaranteed without limit by the Deposit Guarantee Corporation of Manitoba.  That is one less thing for you to worry about.

The Deposit Guarantee Corporation of Manitoba provides 100% guarantee of deposits held with Manitoba credit unions and ensures that credit unions operate under sound business practices.  We have provided FAQs below that we hope will answer your questions. For more information, please refer to the DGCM website at https://dgcm.ca/.

We are proud that Achieva Financial is the longest-standing direct to consumer savings solution in Canada. Since our launch in September 2018, we have seen competitors come and then subsequently close their operations.  We have remained strong for over 20 years through our commitment to offering our customers highly competitive interest rates, securely, and without hassle.

Achieva operates as a separate division of Cambrian Credit Union, which is a financially sound, highly profitable financial services institution. 60 years strong, Cambrian can boast having one of the best efficiency ratios among Canadian credit unions, meaning that we are growing our members, assets and capital in a prudent, disciplined manner.  Achieva’s results are aggregated with the overall operations of Cambrian Credit Union.  Our financial results are posted quarterly and our audited financial statements are available annually for your review at https://cambrian.mb.ca/about-us/annual-reports.

We encourage you to reach out to the Achieva team should you have any specific questions related to your account (204) 925-6824 or 1-877-224-4382 (within Canada). We are here if you need us.

Above all else, we hope that you and your loved ones stay safe during this time of disruption while we work at protecting all our staff, our customers and our communities.

 

FAQs from the Deposit Guarantee Corporation of Manitoba website

How are my deposits protected?

DGCM ensures that credit unions and the caisse operate under sound business practices and maintain quality assets, thereby minimizing the risk of loss. Legislation requires credit unions and the caisse to maintain minimum levels of capital and liquidity. DGCM maintains a fund to guarantee deposits. Credit unions and the caisse pay a quarterly assessment to maintain the Guarantee Fund at an acceptable level.

Are deposits in Manitoba credit unions and the caisse 100% guaranteed?

Yes. DGCM guarantees the repayment of all deposits with Manitoba credit unions and the caisse, including accrued interest to the date of payout. It is not affected by a credit union or caisse changing its name, amalgamating, or entering into similar types of arrangements.

How will I get my money if a credit union or caisse fails?

In the unlikely event of a credit union or caisse failure, depositors will not be required to file a claim. They will be contacted at their last known address to confirm the deposit and will be advised of the payment details and date.

Are my deposits guaranteed if I reside outside of Manitoba?

Yes. All deposits with Manitoba credit unions and the caisse are covered by DGCM, regardless of where the depositor resides.