Deposits Held in One Name


DICO automatically insures eligible Canadian deposits in accounts in the name of each depositor - for example, a person, a business or other organization.

What's covered?

Deposits held in one name that are eligible for DICO insurance coverage include savings accounts, chequing accounts, term deposits or GICs. Eligible deposits are also money orders, certified cheques and drafts that are issued by an Ontario credit union. To be insured, a deposit must be held in Canadian dollars at an Ontario credit union.

How much is covered?

DICO insures up to $250,000 in the name of a person, organization or business at an Ontario credit union. The total of all insured deposits in one name is automatically covered by DICO's insurance up to $250,000 in their non-registered accounts.

More than $250,000 in savings?

DICO provides separate insurance for deposits held in one name, jointly in more than one name, in a trust account and unlimited coverage for registered accounts.