Canada Deposit Insurance Corporation (CDIC) is a Canadian federal Crown corporation created by Parliament in 1967. The CDIC insures Canadians' deposits held at Canadian banks (and other member institutions) up to CA$100,000 in case of a bank failure. CDIC automatically insures many types of savings against the failure of a financial institution. However, the bank must be a CDIC member and not all savings are insured. The CDIC does not protect against fraud or theft. The CDIC also serves as the lender of last resort for commercial banks in Canada to protect the Canadian banking system from insolvency and bank runs.
Read more about Canada Deposit Insurance Corporation: History, Coverage, Current Financial Position, List of Financial Collapses Since 1967
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