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Deposit insurance can be calculated with a mobile app

(NC) Canada Deposit Insurance Corporation (CDIC) is breaking new ground with the launch of a free mobile app to help Canadians estimate their deposit insurance coverage.

“As far as we know, this is the world's first deposit insurance app,” says Brad Evenson, the director of communications at CDIC. “It will help you estimate your insurance coverage, simply by entering some basic account information.”

Enter the name of your financial institution, the type and category of deposit, and the amount. (None of this information is linked to your identity or actual accounts.) The app will do the rest, letting you know if your eligible deposits are over or under CDIC's $100,000 insurable limit

The app includes several other useful features, such as a video explaining deposit insurance and the option to request by e-mail a copy of the comprehensive reference guide. Both can help financial professionals communicate the benefits of deposit insurance to clients.

The CDIC Estimator is available for download in Apple, Android, Windows and Blackberry stores.

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