Ottawa – July 7, 2016 – The Canada Deposit Insurance Corporation (CDIC) welcomed Wealth One Bank of Canada to its membership today. Wealth One is headquartered in Toronto, Ontario, and brings CDIC's total membership to 80 financial institutions.
As a member of CDIC, all eligible deposits made at Wealth One Bank of Canada will be protected up to $100,000 per deposit category.
Canadians can use the Deposit Insurance Estimator to calculate the amount of deposit protection available at their CDIC member institutions.
CDIC is a federal Crown corporation that contributes to the stability of the Canadian financial system by providing deposit insurance against the loss of eligible deposits at member institutions in the event of failure. CDIC protects nearly $700 billion of savings held by its member institutions which include banks, federally regulated credit unions as well as loan and trust companies and associations governed by the Cooperative Credit Associations Act that take deposits. CDIC is funded by premiums paid by member institutions and does not receive public funds to operate.
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Director, Communications and Public Affairs