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New app makes it easy to estimate deposit insurance

(NC) Deposit insurance is free and automatic, but it can be complicated, especially if you have multiple accounts. Now there's a mobile app from Canada Deposit Insurance Corporation that offers investors a simple way to find out what is and what is not covered.

“This app will provide you with an estimate of your deposit insurance coverage and that can help you with financial planning,” says Michèle Bourque, the president and CEO of CDIC. “With a few clicks, you can see whether the deposits within any insured category are under or over the corporation's insurable limit of $100,000.”

The app requires some key information, such as the name of your financial institution, the type and category of your deposits, as well as the amount. (None of this information is linked to your identity or actual accounts.) Once you enter the data, the app estimates how much you would receive from CDIC in the event of a bank failure.

The new tool, which is free to download, includes additional information about deposit insurance, such as a video and a comprehensive reference guide, as well as links to the CDIC website, cdic.ca.

The app is available from Apple, Android, Windows and Blackberry.

www.newscanada.com

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