What happens to my insured deposits?
Deposits held in one name and Deposits held in more than one name (i.e. joint deposits)
Through CDIC’s reimbursement process, we calculate your total insurance amount. This means we review all eligible deposits across the same categories and combine them where applicable to determine the amount to which you are entitled.
To calculate deposit insurance, we look at the books and records of the failed member and add together deposits that are:
- ✓ Owned by the same depositor
- ✓ In the same insurance category
Example:
Jane has two chequing accounts containing $10,000 and $15,000 respectively, and one savings account with $50,000. Jane will receive one cheque for $75,000 because all three of these accounts fall under the Deposits held in one name insurance category.
Jane also has a joint account with her husband, John, with $35,000 in it. This account will not be combined with her other accounts because it is in the Deposits held in more than one name (i.e. joint deposit) category. Rather, she will receive a separate cheque in both her and John’s name for $35,000.
In total, Jane is insured for $110,000.
- $75,000 in Deposits held in one name and
- $35,000 in Deposits held in more than one name.
What you can expect from CDIC
For Deposits held in one name and Deposits held in more than one name (i.e. joint deposit) – these will be paid by cheque. You will be receiving a separate letter, statement and cheque for these two categories.
Cheques will start to be mailed out through Canada Post in the days following the closure of the failed member. Before contacting CDIC regarding your cheque, please allow a few days for the package to reach you. As the cheques will be sent via regular mail, we cannot provide you with a tracking number for your payment.
