CDIC TRIES TO TAKE CONFUSION OUT OF DEPOSIT INSURANCE
By Adnews Staff
Goodgoll Curtis of Toronto is letting Canadians know that money in their bank accounts could be insured. The agency launched a national TV campaign this week for Canada Deposit Insurance Corp. The 30-second spot features an apple-grower whose trees may have suffered from this winter's ice damage. "We'll be lucky to turn a profit," the grower says. "So you start depending on your savings, wondering if they're safe." He closes with, "It may not be a fortune, but it's my fortune." CDIC is a federal Crown corporation established in 1967 to provide deposit insurance against the loss of deposits with member institutions in the event of their failure. Members are banks, trust companies and loan companies. According to CDIC research, there is low public awareness about what types of financial products are insurable, as well as confusion about deposit insurance coverage in general.