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Financial products: what’s covered?

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With many new financial products and services entering the marketplace, it can be difficult to tell which ones are covered by CDIC deposit protection. This is especially true when a third-party offers a financial product in partnership with a CDIC member institution.

Here’s what you need to know.

Some financial products that have a deposit component, such as general-purpose reloadable prepaid cards, may be covered if they are issued by a CDIC member institution and meet certain eligibility requirements. Also, the amount of protection CDIC may provide would depend on how the prepaid funds are held at the CDIC member institution. We encourage you to verify whether your particular financial product benefits from CDIC coverage with the card provider and/or your CDIC member institution. To see who is a member of CDIC, please consult our list of member institutions page.

The role of third-parties who offer reloadable prepaid cards on behalf of CDIC members

CDIC’s Deposit Insurance Information By-Law prohibits anyone from making false or misleading claims about being a CDIC member or what is protected by CDIC. In some cases, third parties (fintechs) facilitate the issuance of general-purpose reloadable prepaid cards on behalf of CDIC members. Only cards where funds are held at a CDIC member institution, and that meet certain eligibility requirements, can benefit from CDIC coverage.

If you’re not sure whether a financial product is eligible for CDIC coverage, please consult the card manager and/or its affiliated CDIC member institution. If you are a CDIC member and are unsure about coverage eligibility, please contact us at members@cdic.ca.

What to ask your card provider or CDIC member institution:

If you’re wondering about CDIC coverage, you could start by asking the following questions:

  • Are you a member of CDIC?
  • Are the funds I load to my card held as eligible deposits at a CDIC member institution?
  • How much of my money is protected?
  • What would happen to my money if something happened to your business?

For additional information, consult our list of commonly asked questions for prepaid cards or call us at 1-800-461-2342.

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