Deposit Insurance - Over $100K

[Big Sleazy]

Canada signed up to the " bail in " clause at the G20 Conference in Switzerland in 2012. Last week 4 Italian Banks " bailed in " depositors " deposits. Last I checked Italy had a population of roughly 60 M people. Pretty much double our population. Ask yourself if these Banks are so solvent, why do they require insurance ? The Bank of Canada has also signed up to the derivatives as being priority to depositors accounts in case of Bankruptcy.

http://investmentwatchblog.com/a-cl...black-hole-of-our-system/#x3I4IuvkIxXh5ir6.99

You people need to stop living in the 80's.

 

[wilbur]

Deposit insurance will not work when there is collapse of the system, as was proven in Cyprus. It is coming soon as far as the US and EU banking systems go. It's not whether Canada's will collapse as well, but how far will Canadian banks and the Canadian economy be dragged downwards as a consequence, due to our strong ties and interdependence with the US economy.

People always have to eat. Agriculture is a good investment. It may not be dragged down as much as other industries.

 

[onceaday]

I dealt with this some time ago. BTW ignore the meatheads who replied with chagrin. Yes it is a pain to spread it out but worth the effort. If you are +2MM the private banking arm of any chartered will take care of the issue. I also recommend having at least 1 CU account over 100K.

 

[tml]

If the deposits are registered, such as a RRSP. TFSA. or RESP, the accounts are protected regardless of the amount. Only unregistered accounts, such as a savings or chequing account, are covered by the CDIC limit. Also, I believe it is coverage for one person per institution, in other words if you have two savings accounts in one institution you are still only covered for $100,000.

 

[fuji]

Deposit insurance will not work when there is collapse of the system, as was proven in Cyprus. It is coming soon as far as the US and EU banking systems go. It's not whether Canada's will collapse as well, but how far will Canadian banks and the Canadian economy be dragged downwards as a consequence, due to our strong ties and interdependence with the US economy.

People always have to eat. Agriculture is a good investment. It may not be dragged down as much as other industries.

If you are worried about the collapse of the system buy a remote farming property and a firearm. Otherwise CDIC is pretty good.

 

[bigshot]

If the deposits are registered, such as a RRSP. TFSA. or RESP, the accounts are protected regardless of the amount. Only unregistered accounts, such as a savings or chequing account, are covered by the CDIC limit. Also, I believe it is coverage for one person per institution, in other words if you have two savings accounts in one institution you are still only covered for $100,000.

I believe that you are correct. However, if you are a couple, you can have three accounts at any one institution. A single account in each of your names as well as a joint account. A married couple can then insure themselves for up to $300k at a single bank...

 

[SkyRider]

CDIC will always be fully funded even if they have to print the money (which is what the U.S. have been doing). The reason the Greeks ran into a problem is because they don't have the authority to print Euros.

 

[wilbur]

If you are worried about the collapse of the system buy a remote farming property and a firearm. Otherwise CDIC is pretty good.

I don't live in the US. But if I did, that would not be a bad idea. The vast US Ponzi scheme masquerading as their banking system will collapse, and the ordinary depositor will be last to be protected.