Canada Deposit Insurance Corporation

Canada Deposit Insurance Corporation

January 16, 2007 15:31 ET

CDIC Kicks Off 2007 with Public Awareness Campaign

It's important for consumers to know whether or not their savings are protected

OTTAWA, ONTARIO--(CCNMatthews - Jan. 16, 2007) - The Canada Deposit Insurance Corporation (CDIC) is launching a national public awareness campaign designed to boost awareness among Canadians of CDIC deposit insurance and the $100,000 coverage limit.

"With RRSP season underway, it's the time of year when Canadians are thinking about their money and their investments," said CDIC President and Chief Executive Officer Guy L. Saint-Pierre. "We hope this campaign will prompt consumers to think about whether or not their savings are protected by CDIC."

A recent study by Decima Research shows that only 10 per cent of Canadians are aware that the coverage limit for eligible deposits is now $100,000. In addition, the study shows some confusion about what's covered by CDIC deposit insurance and what's not.

The campaign focuses on the $100,000 limit and asks Canadians if their savings are protected. To find out, Canadians are encouraged to visit the CDIC website (www.cdic.ca), to call the CDIC toll free number (1-800-461-CDIC or 1-800-461-2342), or to ask where they bank or invest.

The campaign, which runs from now until the end of February, integrates television, print and web advertising. In Quebec again this year, CDIC is partnering with the Autorite des marches financiers in its campaign.

CDIC is a federal Crown corporation that provides deposit insurance against the loss of deposits with its member institutions in the event of their failure. Eligible deposits are automatically insured for up to $100,000 per person at each member institution.

As of April 30, 2006, CDIC insured $455 billion in deposits at its member institutions. CDIC members include banks, trust and loan companies, and federal retail cooperative credit associations. CDIC is funded by premiums assessed on its member institutions and does not receive federal tax dollars.

Contact Information

  • Canada Deposit Insurance Corporation
    Sophie Roux
    Manager, Communications and Public Affairs
    613-995-6548 or Cell: 613-612-1068
    sroux@cdic.ca