FSRA is actively reviewing all DICO regulatory direction, including but not limited to forms, guidelines and FAQs.Until FSRA issues new regulatory direction, all existing regulatory direction remains in force. |
DICO automatically insures Canadian deposits in term deposits and Guaranteed Investment Certificates (GICs) held at each Ontario credit union.
A term deposit is generally a deposit for a set time (fixed term) and at a set interest rate (fixed rate). An index-linked term deposit is a deposit for a fixed term where the interest rate is based on the performance of a stock index. A GIC is similar to a term deposit.
DICO insures the principal and interest up to $250,000. We calculate your insured savings by combining the amounts in:
For example…
If you have the following savings in your own name:
You have $62,000 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 $250,000.
DICO also 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.