OTTAWA – February 11th, 2019 – The Canada Deposit Insurance Corporation (CDIC) welcomes Motus Bank to its membership. Headquartered in Ontario, Motus Bank is a wholly owned subsidiary of Meridian Credit Union.
For more than 50 years, CDIC has protected Canadians’ deposits and promoted financial stability. Eligible deposits at Motus Bank will now be protected up to $100,000 per deposit category.
CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $792 billion in deposits in all our member institutions. As resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest.
CDIC is funded by premiums paid by
member institutions and does not receive public funds to operate. We have dealt with 43 member failures affecting some two million Canadians. No one has lost a dollar of deposits under CDIC protection.
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For more information about CDIC’s newest member, please visit
Director, Communications and Public Affairs