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CDIC Coverage?

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CDIC Coverage?

January 25, 2015
8:23 am

gocanada

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September 1, 2014

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Hi all,

I've read that CDF is covered by CDIC (including on their website), but I don't see them list as a member on the CDIC website (http://www.cdic.ca/Pages/Members.aspx)? What am I missing?

Thanks!

January 25, 2015
8:25 am

Peter

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May 15, 2007

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Hi -- they are "a division of Canadian Western Bank"

January 25, 2015
9:10 am

Norman1

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April 6, 2013

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Canadian Direct Financial (CDF) is not separate legal entity. It seems to be a department or division within CDIC member Canadian Western Bank.

The actual CDIC member issuing CDF products seems to be Canadian Western Bank (CWB). Products, like their KeyDirect Chequing Account, appear under the CDIC deposit register of the bank.

Their FAQ about CDIC confirms this. This is from CDF's answer to the question "How is my money protected?":

Your chequing, savings and investments are eligible for deposit insurance through CDIC up to a maximum basic protection limit of $100,000 per customer with each separate CDIC member institution.

CDIC also provides protection for joint deposits up to a maximum of $100,000, over and above deposits held under your name only. The protection limit applies to deposits with the same joint owners, held at each member institution.

If you’re a CWB customer, it’s important to know that your deposits at CWB will be combined with your deposits at CDF when considering your maximum coverage limitation.

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