OTTAWA – August 6th, 2019 – The Canada Deposit Insurance Corporation (CDIC) welcomes Duo Bank of Canada to its membership. Headquartered in Mississauga, Ontario, Duo Bank grew out of Walmart Canada Bank, which was founded in 2010.
For more than 50 years, CDIC has protected Canadians’ deposits and promoted financial stability. Eligible deposits at Duo 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 $800 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.
Look for this logo to identify a CDIC member institution:
For more information about CDIC please go to www.cdic.ca.
For more information about CDIC’s newest member, please visit www.duobank.com.
Director, Communications and Public Affairs