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Email this10:02 am
February 27, 2018
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Hubble,
I am fully aware of Manitoba's 100% credit union coverage by an insurance company and i do have an account in Manitoba BUT as i am sure you are fully aware, travel, home, life and auto insurance companies have a very hard time paying out thousands of dollars. I can and will assure you, NO INSURANCE company in canada will ever pay out billions of dollars to bank depositors. NEVER.
Canadian protection laws were written in 1812 by someone who spent half their life in grade 3, and then they died of worms from eating raw buffalo meat.
Time and time again you hear of cases that sound, "Open and Shut" yet insurance companies always walk away laughing.
Look at all the travellers trying to get their money back from trips cancelled by our Canadian airlines due to covid. Canada thought it appropriate to put an astronaut in charge of air travel (Joseph Jean-Pierre Marc Garneau) solely because he's french, and he's been to inner orbit. Yeah, he's gotta know about air travel. What the hell?
Using that logic, as a kid i swam in rice lake, so i should be in charge of our navy. That's my rant for today, well... for this afternoon.
11:33 am
January 12, 2018
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Kidd...
As a teen I fished and sailed in Rice Lake...so if anyone should be in charge of the navy it should be me....swimming does not make you a sailor.
9:59 pm
October 21, 2013
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Hey, come on! I can't fish or swim and don't think I've ever been to Rice Lake. I think that gives me the necessary objectivity to run the navy, fisheries, tourism, AND the Olympics! 
10:05 pm
October 21, 2013
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More seriously, there are no insurance "companies" per se involved in deposit insurance. It's not like dealing with your car insurance or disability.
These insurance corporations are creatures of government; and CDIC at least has paid out in the past several times.
I doubt these insurance systems are going to be adequate in the event of major economic collapse, but should be quite sufficient for individual FIs that may fail despite efforts by the insurers to keep them going.
10:37 pm
February 27, 2018
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Manitoba credit unions are protected by DGCM or DEPOSIT GUARANTEE CORPORATION OF MANITOBA. Below are direct quotes from...
https://dgcm.ca
How Deposits are Protected
DGCM ensures that credit unions and the caisse operate under sound business practices and maintain quality assets, thereby minimizing the risk of loss. Legislation requires credit unions and the caisse to maintain minimum levels of capital and liquidity.
DGCM maintains a fund to guarantee deposits. Credit unions and the caisse pay a quarterly assessment to maintain the Guarantee Fund at an acceptable level.
From their FAQ.
Is DGCM part of the Manitoba Government?
No. DGCM is established under The Manitoba Credit Unions and Caisses Populaires Act. A Board of Directors, appointed by the Lieutenant Governor in Council of Manitoba, oversees DGCM.
Does the Government of Manitoba also cover deposits?
No. There is no legislated requirement for the Manitoba government to guarantee deposits.
1:40 am
November 18, 2017
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I have always kept my GIC amounts below what would earn enough interest to push me over the deposit limit. Ally (now gobbled up by RBC) let me request monthly pay-outs of interest directly to another financial institution, so I could invest $100K and never risk more than one month's interest. Even better, they paid monthly compounded interest! I seem to remember that my $100K 4% GICs (10-20-30-40 split for flexibility) earned the equivalent of 4.08% annually.
Both Ally and ING (before the ScotiaBank conversion to Tangerine) proudly gave everyone the same rate no matter the amount, and never charged any fees. And both are gone now.
I chased temporary rates at Tangerine for quite a few years, but now that it ALWAYS takes an hour to get through to them, it's not worth it. Asking them to call back means having to stay off the phone for a day or two (unless you're willing to pay for and put up with caller-interruption service).
RetirEd
RetirEd
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