Financial service providers
A word about financial service providers, products and deposit protection
Financial products can be offered by a CDIC member, another financial institution, a broker, a third-party service provider (for example, a financial technology company), or other providers.
You should stay informed of how CDIC protection applies. CDIC is here to help.
A CDIC member is required to clearly display the CDIC logo. A list of CDIC members is also available on our website. If you have deposits with a member institution and have questions about CDIC protection, you should consult that institution.
Even if you are not dealing with a CDIC member, you may still benefit from CDIC protection. It is important that you ask your broker, advisor, or other financial services provider to explain whether and how CDIC protection applies to your money.
What to ask your financial service provider
You should ask the following questions:
- Is my money held by a CDIC member?
- Is my money eligible for CDIC protection?
- How much of my money is protected by CDIC?
You should know that CDIC rules prohibit anyone from making false or misleading claims about being a CDIC member or what is protected by CDIC. CDIC actively monitors the marketplace for compliance with disclosure rules so that depositors have the information they need to make informed decisions.
How CDIC protection works for fintechs
CDIC insures eligible deposits held at member institutions.
Because fintechs are not members, we do not protect your funds held by a fintech unless they place them as eligible deposits with a CDIC member institution. Even then, they must be in an account in your name or in a trust account where you are named as beneficiary. Only then are those funds eligible for CDIC protection against the failure of the member institution that holds your funds.
