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The Deposit Insurance Corporation of Ontario (DICO) provides deposit protection for all eligible deposits held at Ontario credit unions. This insurance is part of an overall protection program for all Ontario credit unions and is backed by provincial legislation. Subject to coverage limits, eligible deposits held with DICO member institutions are automatically insured; you do not have to apply for coverage.

What is the maximum coverage for my credit union deposits?

The maximum basic coverage for all eligible deposits that are held in the name of a depositor at a single member institution is $100,000; this includes interest and dividends.

DICO provides separate coverage up to a maximum of $100,000 (including interest and dividends) for each of the following eligible deposits:

Deposits held jointly, in the name of two or more persons
Deposits held in trust for one or more beneficiaries
Deposits held in registered plans such as RRSPs, RRIFs, RESPs and OHOSPs.
Deposits held in the name of a corporation, partnership or association.

Note that eligible deposits held at different credit unions are separately insured; eligible deposits held at different branches of the same credit union are combined to determine the maximum insurance coverage.

What are the eligibility criteria for DICO deposit insurance?

To be eligible, deposits must be:

in Canadian currency, payable in Canada
held in an Ontario credit union

Provided they meet the eligibility criteria, DICO insures the following:

savings and chequing accounts
term deposits
guaranteed investment certificates (GICs)

Some deposits and investments are not insurable by DICO. These include:

foreign currency deposits
mutual funds
membership shares and investment shares of a credit union
treasury bills
government and corporate bonds
stocks and debentures.

For more information about DICO and deposit protection, visit www.dico.com