Canada Deposit Insurance Corporation

Canada Deposit Insurance Corporation

May 15, 2013 15:06 ET

New CDIC Video Makes Deposit Insurance Easy

OTTAWA, ONTARIO--(Marketwired - May 15, 2013) - The Canada Deposit Insurance Corporation today released a lively new video to help Canadians understand how CDIC protects their hard-earned dollars.

"Not everyone knows how deposit insurance coverage works," said CDIC President and CEO Michèle Bourque. "We want to show Canadians that by following a few simple rules, they can protect their deposits in the event their bank fails."

The two-minute video, posted on YouTube, combines animation and simple language to provide a brief overview of CDIC coverage.

Ms. Bourque said CDIC will distribute the videos on USB memory sticks to financial advisors to help explain deposit insurance to their clients.

"Financial advisors play an essential role in providing Canadians with the information they need to make sound financial decisions," said Ms. Bourque. "We encourage them to show this brief video to their clients to help start a conversation about protecting their deposits."

"This video does a terrific job in educating consumers about deposit insurance and what is and isn't covered. It's important for Canadians to have peace of mind knowing that their savings are protected in the unlikely event that a CDIC member institution fails," said Greg Pollock, President & CEO, Advocis, The Financial Advisors Association of Canada.

Deposit insurance is an important aspect of personal financial management. CDIC works with Advocis, the Registered Deposit Brokers Association and other groups to promote knowledge of deposit insurance, particularly through continuing education. Financial advisors seeking a copy of the video can send an email request to info@cdic.ca.

CDIC is a federal Crown corporation that provides deposit insurance against the loss of eligible deposits with its member institutions in the event of their failure. Eligible deposits are automatically covered to a limit of $100,000 per insured category at each member institution. CDIC members include most Canadian chartered banks, loan and trust companies, federally-regulated credit unions as well as associations governed by the Cooperative Credit Associations Act. CDIC is entirely funded by premiums assessed on its member institutions and does not receive public funds.

Visit www.cdic.ca for more information.

Contact Information

  • Brad Evenson
    Director, Communications and Public Affairs
    613.943.4395
    media@cdic.ca