Canada Deposit Insurance Corporation

Canada Deposit Insurance Corporation

December 12, 2006 12:53 ET

CDIC Asks: Do you know if your savings are protected?

Attention: Assignment Editor, Business/Financial Editor, News Editor OTTAWA, ONTARIO, MEDIA ADVISORY--(CCNMatthews - Dec. 12, 2006) - They are not worried about what you know. They are worried about what you do not know.

"They" are the Canada Deposit Insurance Corporation (CDIC) and their role is to protect your savings. The concern? CDIC has been in business for nearly 40 years, but according to a recent survey*, nine out of 10 Canadians are not clear about what is covered by CDIC and what is not.

In 2005, the government increased the maximum amount covered by CDIC from $60,000 to $100,000 per person, per member institution. But only 10% of Canadians are aware of the new CDIC deposit insurance limit.

By far, the bigger concern to CDIC is the false sense of security that some people may have about their investments being covered by CDIC deposit insurance when they're not. Because of this, CDIC regularly informs Canadians about its deposit insurance protection and what types of savings are covered.

At CDIC's recent (first-ever) Annual Public Meeting in Toronto, Board Chair, Bryan Davies, highlighted CDIC's role in contributing to the stability of Canada's financial system. "Knowing that the financial institution where they bank is protected by CDIC - that it has the red and white decal on the door - provides comfort to Canadians. The reality is that to date, CDIC has protected the savings of more than 2 million depositors who held more than $25 billion in insured funds in failed institutions."

CDIC's President and CEO, Guy L. Saint-Pierre, added, "For CDIC to contribute to the people's confidence in Canada's financial system, Canadians must first know it exists. They must also know what it covers and what it does not.

So - are your savings protected?

Source: Decima Research, April 2006
/For further information: Visit CDIC online at www.cdic.ca, call 1-800-461-CDIC, or ask where you bank or invest./ IN: FINANCE

Contact Information

  • Sophie Roux, Manager, Communications and Public Affairs
    Primary Phone: 613-995-6548