Deposit Insurance

When choosing a bank or financial institution it is important that you determine if your deposits are covered by deposit insurance. In North America government agencies are in place to protect deposits made in financial institutions that are members of the following corporations.

Federal Deposit Insurance Corporation (FDIC)

The Federal Deposit Insurance Corporation is an independent US government agency that protects your deposits for up to $250,000 per insured category at financial institutions that are FDIC members.

Coverage is free and automatic. You do not have to sign up, but it is important that you keep your contact information up to date at your financial institutions.

Please use this link to determine if your financial institution is a member of FDIC

For more information please log on to fdic.gov or call 1-877-275-3342

Canadian Deposit Insurance Corporation (CDIC)

The Canadian Deposit Insurance Corporation is a federal Crown corporation that protects your deposits for up to $100,000 per insured category at financial institutions that are CDIC members.

What is Covered?

What Is Not Covered?

In the unlikely event that a member of the CDIC fails, your deposits in savings accounts, chequing accounts, GICs or other term deposits of five years or less, will be protected up to $100,000 in each of the following categories.

The above amounts equal your total protection in each CDIC member

Coverage is free and automatic. You do not have to sign up, but it is important that you keep your contact information up to date at your financial institutions.

Please use this link to determine if your financial institution is a member of CDIC

If your financial institution fails the CDIC will contact you. Insured funds will be reimbursed within days.

For more information please log on to cdic.ca or call 1-800-461-2342