4 Comments (+add yours?)

  1. coconews
    Oct 08, 2008 @ 01:06:11

    I was surprised to learn 60% of people assume their investments and/or financial institutions are covered by deposit insurance when they may not be. Have we become too complacent because the economy and banking system was so good for so long?

    You can have all the savings accounts, GIC’s, term deposits, etc. you want, but if your financial institution is not a member of the FDIC or CDIC you can be hooped if they go bankrupt.

  2. Dawn
    Oct 08, 2008 @ 07:52:27

    I figured out why my credit union offers higher interest rates on my savings account compared to major banks, no deposit insurance. Not sure if I’m comfortable with that in today’s marketplace.

    Thanks for the post.

  3. coconews
    Oct 08, 2008 @ 10:15:35

    I’m not sure where you are located.

    If you are in Canada some provincial governments cover/insure deposits at credit unions.

    If your credit union is located in British Columbia, Canada here is a link you may want to read: http://www.fic.gov.bc.ca/responsibilities/cudic/consumerinformation.htm

  4. coconews
    Oct 23, 2008 @ 16:37:50

    Update for BC residents:

    The BC government is in the process of changing laws to cover unlimited deposit amounts at credit unions in BC.

    http://www2.news.gov.bc.ca/news_releases_2005-2009/2008OTP0260-001612.htm

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