|
Canada Deposit Insurance Corporation (CDIC)
is a federal Crown Corporation created in 1967
to insure eligible deposits at CDIC member institutions,
which are banks, trust companies and loan companies.
Separate
Protection
CDIC provides separate protection for joint
deposits, deposits held in trust and deposits
held in RRSP and RRIF.
Eligible
deposits include:
- savings
and chequing accounts
- term
deposits, such as GIC's
-
term deposits must be repayable no later than
5 years after the date of deposit
- deposits
must be payable in Canada in Canadian currency
Basic
Protection
By law, the maximum basic protection for
eligible deposits is $60,000 per depositor (principal
and interest combined) in each member institution.
Deposits are not insured separately in each
branch office of a member institution.
For
additional information, call CDIC direct at
1-800-461-CDIC
or visit their website at www.cdic.ca
Credit
Union Deposit Insurance Corporation of British
Columbia (CUDIC)
The
Credit Union Deposit Insurance Corporation of
British Columbia, a government corporation,
was established in 1958 to protect credit union
members against the loss of deposits held by
British Columbia credit unions. Depositors
protected up to $100,000.
CUDIC's
responsibility is to administer and operate
a deposit insurance fund. The Financial
Institutions Commissions (FICOM),
an agency of the Government of British Columbia,
is responsible for administering CUDIC and for
administering the regulation of financial institutions
operating in the province.
For
additional information call CUDIC at 1-604-660-2947
or visit their website at www.fic.gov.bc.ca
|
