As Canadian snowbirds plan their annual trips south, Canada Deposit Insurance Corp. (CDIC) is issuing a timely reminder that U.S. dollar deposits in Canadian banks are not covered by CDIC in the event a bank fails.
“Many Canadian financial institutions, including some CDIC members, offer U.S. dollar accounts used by customers who travel frequently to the United States,” says Michèle Bourque, CDIC president and CEO.
“These U.S. dollar accounts may offer some convenience, but it is important to remember that if the bank failed, this money would not be protected by CDIC.”
This fall, Bourque will appear on the lifestyle TV program For Your Life to reinforce the message that CDIC’s deposit coverage of up to $100,000 only applies to Canadian dollar accounts.
The show will air on the following dates (all times ET):
> Saturday, October 26 at 08:00 on HGTV Canada;
> Sunday, October 27 at 08:00 on Food Network Canada;
> Saturday, November 2 at 08:00 on Showcase;
> Sunday, November 3 at 08:00 on Slice.
Canada Deposit Insurance Corp, (CDIC) is a federal Crown corporation that provides deposit insurance against the loss of eligible deposits at member institutions in the event of failure.