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Home › Who Is CDIC? › Media Corner › GE Money Trust Company Becomes a New CDIC Member!

GE Money Trust Company Becomes a New CDIC Member!

Ottawa, October 9, 2007 – The Canada Deposit Insurance Corporation (CDIC) has recently welcomed GE Money Trust Company as a new member institution.

GE Money Trust Company is part of GE Money, the Canadian consumer finance arm of the General Electric Company (NYSE: GE). GE Money - Canada provides private label credit card and MasterCard programs to consumers, alternative residential mortgages and lending options for retailers in key industries across the country.

The Canada Deposit Insurance Corporation was created in 1967 to provide insurance to depositors against the loss, in whole or in part, of deposits made at member institutions in the event of their failure. Eligible deposits are automatically insured up to $100,000 per person at each member institution. A Crown Corporation, CDIC contributes to the stability of the Canadian financial system. CDIC is funded by premiums assessed on its member institutions and does not receive federal tax dollars. To date, CDIC has provided protection to depositors in 43 member institutions failures. As of April 30, 2007, CDIC insured $477.3 billion in eligible deposits in Canada.

Members of CDIC include banks, federally or provincially incorporated trust and loan companies, and associations to which the Cooperative Credit Associations Act applies. The list of member institutions is available on CDIC Web site at www.cdic.ca. Depositors can also call CDIC directly at 1-800-461-2342 to find out if a financial institution is a CDIC member.

 
 
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