New App Makes Deposit Insurance Calculation Easy

OTTAWA, ONTARIO--(Marketwired - Dec. 12, 2013) - Canadians will find it easier to calculate how much of their savings are protected by Canada Deposit Insurance Corporation (CDIC) with a new, free mobile app launched today.

"CDIC deposit insurance is free and automatic and with the help of this app, coverage is easy to estimate," said CDIC President and CEO Michèle Bourque. "Not only is the app helpful in determining the protection that you already have, it can illustrate ways to maximize your deposit insurance coverage."

Ms. Bourque was joined at the app launch by Lucie Tedesco, Commissioner of the Financial Consumer Agency of Canada (FCAC).

"Financial literacy is very important to us at FCAC, so I am delighted that CDIC is developing tools such as this one to help Canadians make informed decisions about their money," said Commissioner Tedesco. "This app helps financial consumers better understand their deposit insurance coverage and what options are available. It is also another example of how improving our financial knowledge and skills can be easier than we think."

The CDIC estimator app will calculate deposit insurance in four easy steps: Where do you bank? What type of deposit do you have? In what category? And of course, how much?

The app is free and available in Apple, Android, Windows and BlackBerry stores.

CDIC is a federal Crown corporation that contributes to the stability of the Canadian financial system by providing deposit insurance against the loss of eligible deposits at member institutions in the event of failure. Eligible deposits are automatically covered to a limit of $100,000 per insured category at each member institution. CDIC members include banks, federally regulated credit unions as well as loan and trust companies and associations governed by the Cooperative Credit Associations Act that take deposits. CDIC is funded by premiums paid by member institutions and does not receive public funds to operate.