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Email this3:04 pm
June 2, 2010
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I just found out about this gold-backed credit union in Alberta. I called them to find out if they accept members from other provinces but they don't. Has anyone heard of any other credit unions in Canada that are now gold-backed?
11:07 am
April 6, 2013
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This is fake news. Bow Valley Credit Union is not backed by gold:
BVCU > About Us > Gold Backed
What do you mean by “Gold Backed?
…
At BVCU, we think of gold and other precious metals as insurance. We have a significant allocation to gold, treated like a currency, which we think is enough to protect your deposit from devaluation, but not enough to be considered “fully backed” by gold.
…
Many people are already disingenuously "backed by gold" if they wear a gold wedding band.
Thread title is misleading. Maybe it should be "Bow Valley Credit Union NOT REALLY backed by gold".
2:14 pm
June 2, 2010
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They are partially backed by gold as they say it would not be profitable to be totally backed by gold as they need a certain amount of their deposits to carry on business. This is in addition to their 100% deposit insurance policy. It's a credit union that is certainly heading in the right direction to protect their depositors' savings.
2:58 pm
February 1, 2023
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MoneyManager said
They are partially backed by gold as they say it would not be profitable to be totally backed by gold as they need a certain amount of their deposits to carry on business. This is in addition to their 100% deposit insurance policy. It's a credit union that is certainly heading in the right direction to protect their depositors' savings.
That's gold Jerry, gold!
