About your CDIC coverage
Protecting your deposits
The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation that contributes to the stability of the Canadian financial system. It provides deposit insurance against the loss of all or part of eligible deposits at member institutions in the event of failure. The CDIC covers certain eligible deposits in Canadian and foreign currency for up to CA $100,000 in each of CDIC’s insurance categories, and applies to deposits held in trust, joint accounts and registered and non-registered accounts.
Covered by CDIC
- Deposits in Canadian or foreign currency
- Term deposits, including Guaranteed Investment Certificates (GICs)
- Bank drafts and money orders
Not covered by CDIC
Stocks
Bonds
Mutual funds
Exchange-Traded Funds (ETFs)
Cryptocurrencies
What happens to my current CDIC coverage?
If two or more CDIC member institutions merge, insured deposits made at each institution before the merger continue to be insured separately up to CA $100,000 per depositor per category, as if the institutions had not combined, for two years after the merger, or until term deposits mature or are redeemed.
In other words, insured deposits by a client at Canadian Western Bank and National Bank of Canada before the joining of the two banks will continue to be insured separately.
This coverage applies for up to CA $100,000 per depositor per category for two years after the merger, or until term deposits mature or are redeemed. The amount of separate coverage is adjusted according to withdrawals from those deposits or the maturation or redemption of term deposits, as per CDIC regulations.
Please speak to your Relationship Manager for more information.
How new deposits are covered
Coverage for new deposits at National Bank after the joining of the two banks depends on the total deposits the client had at the member institutions before they merged. For example:
- If your total deposits in a category already exceeded CA $100,000 before the merger, then new deposits will not be insured by CDIC.
- If your total deposits in a category are still under CA $100,000, then new eligible deposits made at National Bank will be added and insured up to CA $100,000.
Do you have questions about CDIC coverage?
