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Deposit Insurance
Your deposits are protected! The Deposit Insurance Corporation of Ontario (DICO) is an Ontario Provincial Agency established under the Credit Unions and Caisses Populaires Act, 1994 ↗. DICO’s role is to protect depositors of Ontario credit unions and caisses populaires from loss of their deposits. Deposit insurance is part of a comprehensive depositor protection program for all Ontario credit unions which is backed by provincial legislation.
DICO helps keep Ontario’s credit unions safe and sound by providing deposit insurance and regulating their activities. - Your deposits are automatically insured up to the $100,000 limit (unlimited for deposits in registered plans);
- You don’t have to pay for deposit insurance. Premiums are paid to DICO by credit unions and caisses populaires;
- We insure most—but not all—types of deposits. See What’s Covered, What’s Not Covered;
- We insure deposits placed in all credit unions in Ontario. See the list of current DICO’s insured institutions.
What's Covered: - Savings accounts and chequing accounts
- Term deposits including index-linked term deposits and GICs
- Money orders, certified cheques etc.
- Deposits held in one name
- Deposits held in joint names
- Deposits held in trust
- Registered savings plan
What's Not Covered: - Member shares and investment shares issued by the credit union
- Mutual Funds
- Stocks, bonds and debentures
- Treasury Bills
- Foreign Currency deposits
- Contents of Safety deposit boxes
- Securities held for safekeeping
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