Money Orders, Certified Cheques and Drafts
DICO insures Canadian dollar money orders, certified cheques and drafts that are issued by a DICO insured institution.
How much is insured?
DICO insures up to $100,000. We calculate your insured savings by combining the amounts in:
- savings and chequing accounts
- term deposits and GICs
- money orders, certified cheques and drafts issued by DICO insured institutions (that are payable to you and not yet cashed)
For example…
If you have the following savings in your own name:
- $10,000 in a savings account
- $2,000 in a chequing account
- $50,000 in a term deposit
- $1,000 in a money order payable to you and not yet cashed
You have $63,000 insured by DICO to protect your savings in the event that your credit union goes out of business and is unable to repay all of its deposits. Any combination of the above types of accounts in the name of a separate depositor is covered by DICO to the maximum limit of $100,000.
More than $100,000 in savings?
DICO provides separate insurance for deposits held in one name, jointly in more than one name, in a trust account and in registered savings plans.