Deposit Insurance

The role of the Deposit Insurance Corporation of Ontario (DICO) is to protect depositors of Ontario credit Unions. Deposit insurance is part of a comprehensive protection program in all Ontario credit unions which is backed by provincial legislation. Every member of So-Use Credit Union is covered by deposit insurance for all deposits in Canadian currency payable in Canada.

Are you limited to $100,000 of insurance?  It depends on your specific circumstances.  You may be insured for amounts in excess of $100,000 provided that you have deposits in the following combinations:
          * Regular deposits are insured to a maximum of $100,000.00 for the
             combined total of all regular deposits accounts
                                        plus
          * $100,000.00 for deposits in each additional registered savings plan
             (eg. RRSP, RESP, RRIF)
                                        plus
          * $100,000 for deposits in each Tax Free Savings account.
For example, a member having total regular deposits of $175,000, plus three separate RRSP plans ($90,000, $125,000, $70,000), plus a Tax Free Savings account of $5,000 would be insured for a grand total of $365,000 ($100,000 + $90,000 + $100,000 + $70,000 + $5,000).

Regular deposits include: savings and chequing accounts, term deposits and guaranteed investment certificates.

Deposit insurance does not cover membership shares, preferred shares, foreign currency deposit accounts, mutual funds, contents of safety deposit boxes or securities held for safekeeping.

Please consult with any of our Sales and Service Officers if you have any questions.  They are trained to help you maximize your insurance coverage.

For more information, please also visit www.dico.com.