?CDIC coverage for two GICs issued by the same bank - when one is purchased directly from the bank, and the other via a broker | GIC discussions | Discussion forum

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?CDIC coverage for two GICs issued by the same bank - when one is purchased directly from the bank, and the other via a broker
April 30, 2022
7:52 am
Pythagoras
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I purchased 1 GIC directly from LBC Digital.
I purchased a 2nd GIC from a broker, but the GIC is also with LBC Digital.

Are the two GICs separately insured by the CDIC?

Thanks!

April 30, 2022
8:19 am
hwyc
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Directly or via 3rd party should be a non-factor here. If it's under the same CDIC member, then the insured amount goes down one of the 7 category.

April 30, 2022
8:31 am
Bill
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Correct, "CDIC covers eligible deposits up to $100,000 per insured category per member institution", irrelevant how you acquired deposits, where deposits are held, etc.

April 30, 2022
8:53 am
Norman1
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It depends on the issuer of the GIC's.

LBC Digital is not the name of a CDIC member. It is just a brand name used by Laurentian Bank of Canada.

The LBC Digital GIC's through the website are issued by CDIC member Laurentian Bank of Canada.

I don't know about the LBC Digital branded GIC's through brokers. I didn't think that brand was available through brokers!

As well, there are four CDIC issuers in the Laurentian Bank corporate family:

  1. B2B Bank
  2. Laurentian Bank of Canada
  3. LBC Trust
  4. Laurentian Trust of Canada Inc.
April 30, 2022
9:25 am
Bill
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A GIC sold in the name of LBC Digital would have to be issued by Laurentian Bank of Canada as, according to Digital's site, that is the only legal entity that uses the Digital brand name.

April 30, 2022
9:32 am
Pythagoras
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Norman1 said
It depends on the issuer of the GIC's.

LBC Digital is not the name of a CDIC member. It is just a brand name used by Laurentian Bank of Canada.

The LBC Digital GIC's through the website are issued by CDIC member Laurentian Bank of Canada.

I don't know about the LBC Digital branded GIC's through brokers. I didn't think that brand was available through brokers!

As well, there are four CDIC issuers in the Laurentian Bank corporate family:

  1. B2B Bank
  2. Laurentian Bank of Canada
  3. LBC Trust
  4. Laurentian Trust of Canada Inc.

  

You're right! I confused LBC Digital with Laurentian Bank.

The GIC I purchased though a 3rd party is with Laurentian Bank; the GIC I purchased directly is from LBC Digital.

But thanks so much everyone for your answers; CDIC coverage for Laurentian Bank and LBC Digital would be combined, even though purchased from separate parties.

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