Only seven financial institutions have been approved to take part in the Government's extended Retail Deposit Guarantee Scheme, which takes effect on Tuesday.
The Crown began the original scheme at the height of the financial crisis, and has since guaranteed deposits worth $133 billion in 72 participating institutions.
The smaller, tougher and more expensive scheme begins on Tuesday, and runs until the end of next year.
So far, only Canterbury Building Society, Equitable Mortgages, Fisher & Paykel Finance, MARAC Finance, PGG Wrightson Finance, Southern Cross Building Society and Wairarapa Building Society have signed up to take part.
The companies' depositors will be repaid up to $250,000 if the institution defaults - half what they would have been paid out under the original scheme.
