Deposit Insurance Corporation begins awareness campaign
By Adnews Staff
The Ottawa-based Canada Deposit Insurance Corporation began a national public awareness campaign yesterday intended to inform Canadians about changes to the federal deposit insurance system. Deposits made with CDIC member institutions will now be insured for up to $100,000 instead of the previous limit of $60,000. "Canadians need to know the facts about deposit insurance so they can make informed financial decisions," said the corporation's president Guy Saint-Pierre. "We are stepping up our efforts to inform consumers about the new $100,000 coverage limit." The campaign will consist of print and television advertising over a period of several months, along with an outreach program aimed at community groups. In Quebec, the initiative will be conducted in association with the Autorité des marchés financiers. The Canada Deposit Insurance Corporation is a federal Crown corporation that provides deposit insurance against the loss of deposits with member banks, trust companies, loan companies and associations covered by the Cooperative Credit Associations Act in the event of failure.