Are you sure your bank deposits are safe and insured?
(NC) – Money is hard to make, and easy to lose – so don't let that happen to you.
One measure of protection is to know exactly which bank deposits are insured against a bank failure, and which ones are not, says the Canada Deposit Insurance Corporation.
If this is unfamiliar territory for you, it's easy to get informed. First, get a primer on You Tube (CDICchannel) and then test your knowledge on everyday banking practices by answering the following questions:
• Do you know if your deposits are insured against a bank failure?
• Are your GICs, or other term deposits protected?
• What about joint deposits and trust accounts?
• Are your RRSPs, RRIFs, and TFSAs insured?
• How much insurance coverage are you entitled to?
“The answer to the last question is that eligible deposits are insured up to $100,000,” says Brad Evenson, director of communications at CDIC. “But if you didn't know that, and if you can't answer most questions on this topic, there is no time like the present to become fully informed. Talk to your financial advisor or financial institution about deposit insurance, or visit cdic.ca. Take responsibility for your money and keep it safe.”