Deposit Insurance

The role of the Deposit Insurance Corporation of Ontario (DICO) is to protect depositors of Ontario credit Unions. Deposit insurance is part of a comprehensive protection program in all Ontario credit unions which is backed by provincial legislation. Every member of So-Use Credit Union is covered by deposit insurance for all deposits in Canadian currency payable in Canada.

Are you limited to $100,000 of insurance?  No.  It depends on your specific circumstances.  You may be insured for amounts in excess of $100,000.  

          * Each individual member is insured to a maximum of $100,000.00
                                        plus
          * Joint accounts are insured to a maximum of $100,000.00 
                                        plus
          * 100% of deposits in registered savings plans  (eg. RRSP, RESP, RRIF, TFSA)
                                        
For example, a member having total regular deposits of $175,000 plus three separate RRSP plans ($90,000, $125,000, $70,000), plus a Tax Free Savings account of $5,000 plus a joint account with a spouse in the amount of $135,000 would be insured for a grand total of $490,000 ($100,000 + $90,000 + $125,000 + $70,000 + $5,000 + $100,000).

Regular deposits include: savings and chequing accounts, term deposits and guaranteed investment certificates.

Deposit insurance does not cover membership shares, preferred shares, foreign currency deposit accounts, mutual funds, contents of safety deposit boxes or securities held for safekeeping.

Please consult with any of our Sales and Service Officers if you have any questions.  They are trained to help you maximize your insurance coverage.

The above information contains general information and is not intended to be a legal interpretation of Ontario provincial legislation respecting deposit insurance.

For further information, please visit www.dico.com.