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Email this8:50 pm
February 19, 2013
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What do people think about the security of the Manitoba credit unions 100% guaranteed deposits given this article?
http://www.thestar.com/news/ca.....alkom.html
11:14 pm
August 4, 2010
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Seems like sensationalism and fear-mongering more than an attempt to understand and communicate. In any case, credit unions are provincially regulated, and most if not all are below the sort of size that the federal capital requirements are targeting for special "too big to fail" provisions.
9:58 am
February 17, 2013
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Sounds good and I use a credit union, but if an absolute worse case, end of the world scenario actually did happen, do you think any province would pony up the cash to meet the commitments? BC is 60 billion in debt so somehow I doubt it. If I remember correctly, CDIC can only meet 30% or so of insured deposits so not sure if they are any better.
12:58 pm
February 22, 2013
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Rick said
[snip]
If I remember correctly, CDIC can only meet 30% or so of insured deposits so not sure if they are any better.
So, let's try to imagine a scenario where [pick one of the six big banks] goes under. I suspect there would be considerably more to worry about than whether or not my relatively paltry holdings were insured. Companies like [pick one of the large grocery stores] would likely have difficulty buying new stock and there would be a run on food. So, I guess, not having money to buy non-existant food wouldn't be that big a problem.
I believe proper diversification is the real answer. I am not talking about taking $10,000 and splitting it between institutions and/or countries four different ways. But, I am talking about being prepared for the worst case, but imaginable scenario.
I like to plan for what I can forsee and try to ignore the rest of the "noise" which is what, I believe, Walkom's article is.
Greg
10:52 am
December 23, 2011
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Cents11111 said
What do people think about the security of the Manitoba credit unions 100% guaranteed deposits given this article?
http://www.thestar.com/news/ca.....alkom.html
Just out of curiosity why are you looking at the Manitoba credit unions and not at any other province?
11:20 am
February 19, 2013
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Kanaka, I admit it. I have nothing significant in CDIC insured banks as Manitoba CU rates were better for a long time and they have no insurance limits. I am mostly with Hubert - the bait and switchers 
. But as I have accounts with CDF and Peoples Trust I am considering moving an appropriate amounts 
to either. However, I am just too lazy right now as I want to change all my existing accounts to joint before I do any xfers. Any recommendation as to which one is more likely to keep their rates at 1.90%, in other words which one won't be sending us the "good news" email like Hubert?
12:33 pm
December 23, 2011
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Cents11111 said
Kanaka, I admit it. I have nothing significant in CDIC insured banks as Manitoba CU rates were better for a long time and they have no insurance limits. I am mostly with Hubert - the bait and switchers
I have considered PT but have ruled them out. Iam with Accelerate and Outlook Financial. Their rates are better than the big 5 and better than the CU's in BC. While both are good, in my opinion, I find Accelerate to have really good service. I also use a discount brokerage.
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