Comments on: 6 Things You Should Know About Deposit Insurance in Canada

By: Rob B

Rob B — Thu, 16 Feb 2023 00:57:18 +0000

Answer to Carolyn Forests question?
“We’ve seen from the 2008 US financial crisis that it’s not unreasonable to expect multiple banks to fail nearly simultaneously when a large scale crisis occurs. Assuming for a moment that all member institutions covered by the CDIC were to fail in the same year, can the CDIC still cover 100% of their insured holdings up to promised $100,000? Or, would they be forced into a situation that they could pay only a fraction of what was insured? ex. You receive only 20 cents on every dollar insured?”

By: Sam

Sam — Fri, 30 Sep 2022 13:45:31 +0000

Is there any other way to get insurance for the excess of 100000 in your bank account?

By: Barry Choi

Barry Choi — Mon, 01 Aug 2022 21:40:53 +0000

In reply to Barry. Barry, No, only up to $100,000 per eligible account.

By: Barry

Barry — Mon, 01 Aug 2022 18:57:38 +0000

In reply to JonasK. Can you get special insurance if you have say $400,000.00 in bank account. In Canada.

By: Bruce p

Bruce p — Sat, 21 Nov 2020 02:02:44 +0000

In reply to Barry Choi. We did but they said there was only a 90 day window to claim and unfortunately it had been going on for a year

By: Barry Choi

Barry Choi — Sat, 21 Nov 2020 01:53:58 +0000

In reply to Bruce P. Bruce, CDIC covers you if your bank fails. If there has been fraudulent activity in your account, you need to contact your bank to open an investigation.

By: Bruce P

Bruce P — Fri, 20 Nov 2020 22:31:55 +0000

In reply to Carolyn Forest. Is there a time limit to make a claim? If there has been fraud withdrawals how far back can you go to be covered?

By: Carolyn Forest

Carolyn Forest — Tue, 20 Oct 2020 21:49:04 +0000

Thank you for the article Barry.
We’ve seen from the 2008 US financial crisis that it’s not unreasonable to expect multiple banks to fail nearly simultaneously when a large scale crisis occurs. Assuming for a moment that all member institutions covered by the CDIC were to fail in the same year, can the CDIC still cover 100% of their insured holdings up to promised $100,000? Or, would they be forced into a situation that they could pay only a fraction of what was insured? ex. You receive only 20 cents on every dollar insured?

By: Barry.Choi

Barry.Choi — Wed, 05 Aug 2020 10:13:59 +0000

In reply to John McConchie. Hey John, Good catch. This is an older post that I wrote before the recent CDIC changes. I need to add this to my list of things to do.

By: John McConchie

John McConchie — Tue, 04 Aug 2020 19:12:52 +0000

Barry, CDIC now covers US dollar deposits and GICs over 5 years in duration.