OTTAWA, ONTARIO--(Marketwired - Oct. 8, 2013) - As Canadian snowbirds plan their annual trips south, Canada Deposit Insurance Corporation (CDIC) is issuing a timely reminder that U.S. dollar deposits in Canadian banks are not covered by CDIC in the event a bank fails.
"Many Canadian financial institutions, including some CDIC members, offer U.S. dollar accounts used by customers who travel frequently to the United States," says CDIC President and CEO Michèle Bourque.
"These U.S. dollar accounts may offer some convenience, but it is important to remember that if the bank failed, this money would not be protected by CDIC."
This fall, Ms. Bourque will appear on the lifestyle TV program For Your Life to reinforce the message that CDIC's deposit coverage of up to $100,000 only applies to Canadian dollar accounts.
The show will air on the following dates (all times ET):
- Saturday, October 26 at 8 a.m. on HGTV Canada;
- Sunday, October 27 at 8 a.m. on Food Network Canada;
- Saturday, November 2 at 9 a.m. on Showcase;
- Sunday, November 3 at 8 a.m. on Slice.
For more information on what is covered and what is not, talk to your financial advisor or visit www.cdic.ca
Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation that contributes to the stability of the Canadian financial system by providing deposit insurance against the loss of eligible deposits at member institutions in the event of failure. Eligible deposits are automatically covered to a limit of $100,000 per insured category at each member institution. CDIC members include banks, federally regulated credit unions, as well as loan and trust companies and associations governed by the Cooperative Credit Associations Act that take deposits. CDIC is funded by premiums paid by member institutions and does not receive public funds to operate.