Are banks safe? Is your money safe at the bank? Nod your head “Yes” if someone’s ever told you that you’d better keep some cash unbanked (like hidden in a wall or in a safe) because if your bank goes bankrupt, you’ll lose everything.
I've certainly heard this many times throughout the years, and sadly usually from people older than me who should know better. Here's the thing, there are a ton of banking myths out there, and this is one of them!
First off, yes, banks are safe and your money is safe at the bank. That being said, there are some restrictions and limitations, so it's important to understand how your money is protected at the bank thanks to the Canada Deposit Insurance Corporatation (CDIC) and their CDIC Deposit Insurance.
In this video, I share why your money is safe at a bank if it's a member of the Canada Deposit Insurance Corporation (CDIC), how you can maximize your coverage to ensure more of your money is protected in case your bank defaults, and what is and isn't covered (not all money is treated the same, some types are not covered).
HELPFUL RESOURCES
➡️ Blog post about CDIC: https://jessicamoorhouse.com/cdic-deposit-insurance/
➡️ E-book on the history of CDIC: http://publications.gc.ca/site/eng/9.840739/publication.html
➡️ CDIC calculator: https://www.cdic.ca/calculator/dashboard/select-category/
CHAPTERS
00:00 Introduction
00:24 Is Your Money Safe at the Bank?
02:14 What Does CDIC Specifically Cover?
03:3 What Isn't Covered by CDIC?
03:42 How Much Are You Covered For?
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ABOUT ME
I'm Jessica Moorhouse, a money expert, Accredited Financial Counsellor Canada, speaker, blogger, YouTuber, and host of the More Money Podcast. I'm based out of Toronto, ON, Canada and turned my personal finance blogging side hustle into my full-time business so I could spend all my time teaching others how they can take control of their lives by taking control of their money. To learn more, check out my website https://jessicamoorhouse.com
#cdic #depositinsurance #personalfinance
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The content I produce is for education and entertainment purposes only. Nothing on this YouTube channel, my website or affiliated channels should be considered financial, investment or legal advice, or an endorsement for any type of service, product, or brand. Some links in this description may be affiliate links in which I may earn a commission at no extra cost to you. Please read my disclaimer to learn more: https://jessicamoorhouse.com/disclaimer/
