Deposit Insurance

Worrying about making more money is one thing, but you should never worry about the money you already have.

That's why The Deposit Insurance Corporation of Ontario (DICO) protects insurable deposits held with Ontario credit unions. Deposits held in non-registered accounts in Canadian currency payable in Canada are insurable up to a maximum of $250,000. So you can relax. Your money is safe here. 

So, what happens if a credit union goes out of business?

  • Payments for insurable deposits are made as soon as possible;
  • The payment includes principal and interest up to $250,000 for insurable deposits held in non-registered accounts aggregated together and unlimited for insurable deposits held in registered accounts;
  • Borrowers are responsible for repayment of outstanding debt until paid in full and will be notified by letter from DICO with specifics.

Questions? Learn more about deposit insurance > 

 

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