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Email this4:45 pm
January 28, 2015
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Well it's better than getting their charter bank revoked, because the government said it was looking at that a few weeks ago. Then would you have cdic coverage? Don't think so.
5:06 pm
February 25, 2023
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An apt analogy comes to mind.
"It is usually when one is directly over the target, that one draws the heaviest flak"
5:55 pm
February 25, 2023
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mechone said
Well it's better than getting their charter bank revoked, because the government said it was looking at that a few weeks ago. Then would you have cdic coverage? Don't think so.
This would also be a powerful weapon against any bank, not only WealthOne. Would CDIC coverage apply to any bank that had its charter revoked? If no, then revoking WO's Charter would probably cause a run on all banks.
7:48 pm
March 30, 2017
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Iconoclast said
If no, then revoking WO's Charter would probably cause a run on all banks.
say what ??? Cant follow ur logic at all.
8:38 pm
February 25, 2023
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If (as per post 41) revoking a Banks Charter nullifies its CDIC obligations, then all banks are at risk and CDIC coverage means nothing.
4:55 am
March 30, 2017
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Iconoclast said
If (as per post 41) revoking a Banks Charter nullifies its CDIC obligations, then all banks are at risk and CDIC coverage means nothing.
Any deposits would be grandfathered and covered by CDIC up until the day it’s revoked. That is the only thing it can possibly work if it happens.
6:14 am
February 25, 2023
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savemoresaveoften said
Any deposits would be grandfathered and covered by CDIC up until the day it’s revoked. That is the only thing it can possibly work if it happens.
What is your source, or is that opinion?
12:09 pm
October 21, 2013
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savemore doesn't need a source for this. It's obvious since CDIC covers insured deposits.
6:05 am
April 6, 2013
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We looked into the cancelation of CDIC coverage previously.
CDIC Act subsection 34(1) provides existing deposits at least two years of coverage afterwards should the deposit insurance policy of a member institution be terminated.
As well, a bank's charter cannot be cancelled just like that. It can take years to wind up a bank.
1:11 pm
January 10, 2018
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Liberal MP was on bank’s board when it ran afoul of money laundering law
Toronto Star Fri., March 10, 2023
OTTAWA—Recently elected Liberal MP Charles Sousa, a former Ontario finance minister, says he never had concerns the bank he worked for last year was not complying with administrative requirements of the federal law against money laundering and terrorist financing.
Sousa confirmed by email on Friday that he was on Wealth One of Canada’s board of directors from June 2021 until he was elected last December in the federal byelection in Mississauga—Lakeshore.
Asked Friday about his involvement with the bank,Sousa said he did not have concerns the bank was not complying with the federal law, and that he only recently found out about the FINTRAC fine, which was announced publicly on March 6.
A news release marking the bank’s fifth anniversary in 2021 listed Sousa — who was Ontario’s finance minister from 2013 to 2018 — as chair of Wealth One’s stakeholder relations committee and a member of its governance, conduct review and human resources committee.
His LinkedIn Profile shows:
Director |Member, Governance Conduct | Chair, Stakeholder Relations
Wealth One Bank of Canada
Jun 2021 - Dec 2022 1 year 7 months
Ontario, British Columbia - Canada
4:06 pm
March 22, 2019
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Yap. All those three that Trudeau met with were very fishy men:
Thomas Liu - who collected all condo buyers down payment but never built up anything https://www.thestar.com/news/investigations/2018/09/28/condo-developer-thomas-liu-who-collected-millions-but-hasnt-built-anything-loses-court-fight-with-town-of-ajax.html
Shenlin Xian - the notorious former Insurance Seller who sued by hundreds of his clients who lost a lot.
Anbang Pan - his Anbang Insurance had gone void
https://www.reuters.com/article/idUSL4N2GB344
Iconoclast said
https://www.cbc.ca/news/politics/ethics-commissioner-dawson-trudeau-questions-1.3897684"Those reports raised questions about various interactions between Trudeau and attendees, including Toronto businessman Thomas Liu, who has financial interest in canola exports to China, Shengling Xian,founder of Wealth One Bank of Canada, and Miaofei Pan, who told the Globe he spoke with Trudeau about foreign investment issues that could affect the Anbang Insurance Group"
Hmmmm, the plot thickens.
9:11 am
March 13, 2023
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Myself and my elderly father recently purchased several 5 yr 5.28% GICs - I kept them all under the CDIC limits (including any interest which will accrue over the 5 years to ensure that even at maturity the CDIC 100k limit will not be reached for each separately covered account type) ie tfsa , rrsp , non registered etc. -- Now I am super concerned about the safety of this money as it is a significant amount to us. Could someone who knows with certainly please advise. If the bank loses its charter are these long-term funds at risk???? (please please don't comment if you really are not sure, I do not want to be needlessly freaked out or falsely assured- thanks)
11:53 am
November 18, 2017
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Lexxy, if you are under CDIC limits you are as safe as you can reasonably make things. That's been checked by many of us here and always proves out. One hopes that's not all your eggs in one basket, aanyway.
RetirEd
RetirEd
1:22 pm
October 21, 2013
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If you want greater certainty than we can provide, you should contact CDIC directly.
I have no doubt you would be covered because CDIC exists precisely to cover these kinds of situations. I have a (smaller) GIC with them and am not concerned about its safety. I am concerned about possible leaks to China though.
2:53 pm
March 13, 2023
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RetirEd and Loonie - thanks for your two cents 🙂 Not all eggs in one basket but 1/2 a vegan omelette probably. Loonie I will try CDIC directly - last time I called them with an easy question regarding reg disability savings account coverage they had no idea. Now RDSPs have separate coverage clearly listed, but prior to this - no one at CDIC had the answer - I do not think they are trained very well so answers from them can be less than assuring. 🙂 ok thanks again
3:11 pm
April 6, 2013
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One could help the CDIC telephone agent find the correct answer.
Mention the February 23 Globe & Mail article about the government being supposedly "prepared to rescind the bank’s charter". Ask if it is possible for a bank to have it charter "rescinded" as the article said.
If yes, ask if CDIC Act subsection 34(1), mentioned previously, would kick in after the charter is "rescinded" to continue providing deposit insurance coverage afterwards to the insured deposits.
RDSP deposits always had CDIC coverage but not separate CDIC coverage.
4:04 pm
April 14, 2021
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lexxy said
I will try CDIC directly - last time I called them with an easy question regarding reg disability savings account coverage they had no idea.
I had the same experience with CDIC; I asked a simple question and could not get a definitive answer. The fool at CDIC kept reading and re-reading the same answer over and over from a script and would not deviate. I kept telling her that I did not understand her reply and tried to elaborate. It was a total waste of time.
4:58 pm
October 21, 2013
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If you can't get anywhere with them, contact your Member of Parliament.
8:38 am
November 18, 2017
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CDIC actually spends a good deal on publicizing their coverage and how to ascertain what's covered and what isn't. The official info most likely is of better quality than what phone reps know or are able to figure out.
Note for dealing with governmental or bank employees about tough questions: I always get the names of three people who tell me the same thing, and make dated notes. When possible, I ask for a note to be entered in my CSR file. But then, I am able to enjoy watching films while on hold. 
RetirEd
RetirEd
2:28 pm
March 13, 2023
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Norman1, HermanH, Loonie & RetirEd - thanks for your valuable input, I appreciate it. Norman I will give the CDIC the info you provided and ask for a manager to speak with - it would be nice to get a reassuring answer regarding the policy if a charter is revoked. RetirEd - I do the exact same thing !! I always speak to multiple people- usually 3 to get the same answer - I get names and make notes of the date and have notes made in my file - asking for a manager also helps. So sad that we cannot trust the info provided by gov't agencies/banks or any business for that matter because individuals lack proper training. I learned this many years ago - no doubt the hard way. LOL You cannot even trust a store employee to give you the correct business hours. Many times I have called a store to confirm the closing time only to be given the wrong time because the employee did not even know what day it was. After repeatedly having my time wasted over the years now if I call a store to confirm hours I say "Today is (example) Friday - what time do you close on Fridays" You literally need to tell them what day it is! Sad and frustrating world sometimes eh? Thanks everyone 
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