For brokers and other financial professionals

Brokers typically place deposits for their clients at CDIC Member Institutions (MI) in two ways:

  • In-client-name: where brokers place the deposit with an MI directly in the name of their client (i.e., as an agent).
  • In-nominee-name: where brokers place the deposit and hold it at the MI as a nominee (i.e., in trust) for their clients.

Payout Process for Brokers

For in-client-name deposits

Deposits made by brokers as an agent for their clients (i.e., in-client-name) will be treated by CDIC as if the client made the deposit directly with the failed member.

All required information regarding these deposits and the related clients should be available to CDIC on the records of the failed member institution. Eligible in-client-name deposits are fully protected to a maximum of $100,000 (principal and interest) per deposit insurance category. CDIC will calculate deposit insurance coverage based on the categories within which brokers have placed the deposits. In this instance, CDIC will provide payment directly to the client in whose name the deposit has been made and not the broker.

For in-nominee name deposits

Deposits made by brokers on behalf of their clients (i.e., in-nominee-name) are treated by CDIC as a deposit held in trust where the broker is the trustee, and the clients are beneficiaries.

In this instance, CDIC will make the deposit insurance payment to the broker holding the eligible deposit as a nominee for their clients, and not directly to their clients. Once the payment has been issued, nominee brokers are expected to work with their clients to determine appropriate next steps. CDIC insures eligible nominee deposits up to $100,000 for each beneficiary (i.e., client) named in a trust, provided the nominee broker has met CDIC requirements and CDIC has the required beneficiary information.

Nominee brokers have up to three business days to provide required beneficiary information following a request from CDIC. This information will allow CDIC to calculate and reimburse these broker deposits. The beneficiary information CDIC requires includes:

The beneficiary information must be provided in accordance with the Nominee Broker Data Requirements (NBDR). For details on all the required data elements and accepted formats for providing beneficiary information, including file encryption guidelines, please see the Nominee Broker Data Requirements (NBDR) page.

All NBDR files will need to be submitted through the Nominee Broker (NB) Portal. CDIC will provide submission instructions directly to the appropriate designated NB Portal users of each nominee broker.

Approach for reimbursement of in-nominee-name broker deposits

  • 1

    Establish contact

    CDIC directly contacts the nominee broker to establish a line of communication and outline the reimbursement process.

  • 2

    Collect beneficiary information

    CDIC will work directly with the nominee broker to collect the required beneficiary information through the NB Portal.

  • 3

    Insurance calculation

    CDIC calculates the deposit insurance payment based on the records of the failed member institution and the information/data provided by the nominee broker.

  • 4

    Statement and payment

    CDIC sends the insurance payment via wire transfer along with a statement itemizing calculations so the nominee broker can then allocate funds to their clients.

CDIC’s Nominee Broker Communication Process

CDIC’s reimbursement process for nominee broker deposits:

  • Throughout the reimbursement process, CDIC will only communicate with the affected brokerage firm’s designated Senior/Signatory Officers.
  • CDIC will contact the designated Senior/Signatory Officers on file with CDIC and registered on the NB Portal to initiate the reimbursement process and provide a high-level overview of the payout process.
  • CDIC will provide all necessary documents and guidance, including NBDR submission instructions, to the designated Senior/Signatory Officers of the brokerage firm.
  • CDIC will collect key client information from each broker, by means of the NBDR, which the broker will provide (upon request) to CDIC through the NB Portal. CDIC will provide specific instructions to brokers regarding how this information is to be securely provided by the broker through the CDIC NB Portal.
  • CDIC will only provide payment to the affected brokerage firms and will communicate the expected timeframes for receipt of the insurance payment and accompanying statement to those brokers. Each firm is responsible for distributing the reimbursement of insured deposits to their client/beneficiaries.

For reasons of confidentiality, CDIC is prohibited from sharing any client deposit information with individual brokers or agents during the reimbursement process. Individual brokers or agents who work for or through a brokerage firm and who are looking for individual client deposit information should communicate directly with their firm.

If you have any questions about the nominee broker payout process or if you wish to confirm if your brokerage is affected, please contact us at

FAQs for Brokered Deposits

For brokers and other financial professionals

What is a brokered deposit?
How are nominee brokered deposits protected by CDIC?
How will CDIC provide insurance payments for in-client name brokered deposits?
How will CDIC provide insurance payments for in-nominee name brokered deposits?
How long will it take for CDIC to pay nominee brokered insured deposits?
I am a broker/agent for a brokerage firm. What can I do to accelerate the payment process for my clients?
As a nominee broker, how many days do I have to provide client/beneficiary information to CDIC?
As a nominee broker, where can I find the Nominee Broker Data Requirements (NBDR)?
I am a client of a broker who placed my money at a failed member. My broker has told me to call CDIC. How do I get my money back?
What if my client has more than $100,000 in nominee brokered deposits held at a failed institution?
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