Canadian banks 'earn' $6.55 billion

[Gilchy]

Anyone that thinks their savings account or any other investments are "safe" because those investments are insured needs their heads examined.

Examine my head then. In what way are savings accounts at any chartered bank in Canada unsafe?

[dumbandhappy]

Yep you guys are too grouchy for me. I don't know how I started this argument because I forgot my account was insured. Maybe that's how I got my nickname.

This is a nice place to be so be sunny.

:sunshine:

[GrooveTunes]

Examine my head then. In what way are savings accounts at any chartered bank in Canada unsafe?[/quote]

Accounts are insured up to $100.000 by the government. The government does not have enough funds to cover all those accounts. Why should the taxpayers bail individuals out if they decide to put their money in a bank that might make a bad business decision?

[grammafreddy]

Accounts are insured up to $100.000 by the government. The government does not have enough funds to cover all those accounts. Why should the taxpayers bail individuals out if they decide to put their money in a bank that might make a bad business decision?

Well, you are wrong.

http://www.cdic.ca/e/depositinsurance/d ... opays.html

Who Pays For Deposit Insurance

You do not pay CDIC for deposit insurance. CDIC member institutions pay premiums to CDIC.

Deposit insurance is different from many types of insurance. You do not pay premiums. CDIC member institutions pay premiums to CDIC to cover the cost of insuring your deposits. In the event of a failure, CDIC pays depositors the amount of their insured savings—up to $100,000.

As a consumer:

You don't pay for our insurance. Banks and other member financial institutions pay
premiums to CDIC.

You don't need to sign up for our insurance. We automatically insure most savings.

[GrooveTunes]

Well, you are wrong.

http://www.cdic.ca/e/depositinsurance/d ... opays.html

:dyinglaughing: Federal Crown corporation backed by the taxpayer.

According to the CDIC's 2010 Annual Report, CDIC protects $590 billion CAD in total eligible deposits, and has $1.95 billion CAD in assets to meet insurance claims.[4] This amount represents 0.33% of total eligible deposits. The CDIC is also authorized to borrow up to $17 billion if necessary from the federal government or the financial markets, and may request further funds from Parliament.

Dream On. :dyinglaughing:

[grammafreddy]

What is your quote from? The link you posted is the link I gave.

[sooperphreek]

what exactly are you insured for? for instance if i had 100,000 in the bank and there was a bank holiday, am i insured for what 100,000 would be after the bank holiday? if our currency drops 14 percent overnight like there has been precidence of in the past, what exactly is the insurance for?

[Rwede]

what exactly are you insured for? for instance if i had 100,000 in the bank and there was a bank holiday, am i insured for what 100,000 would be after the bank holiday? if our currency drops 14 percent overnight like there has been precidence of in the past, what exactly is the insurance for?

A currency drop has nothing to do with your $100,000. You still get $100,000 the next day if you need the coverage.

By your figuring, maybe I should pay CDIC something for the cash balance in my savings account when the Canadian dollar increases against the US dollar. :137: .

[GrooveTunes]

http://viableopposition.blogspot.ca/2012/06/canadas-healthy-banking-system-fact-or.html

Fiction I say.

[sooperphreek]

A currency drop has nothing to do with your $100,000. You still get $100,000 the next day if you need the coverage.

By your figuring, maybe I should pay CDIC something for the cash balance in my savings account when the Canadian dollar increases against the US dollar.

a 100,000 of what? 84,000 dollars worth or 1.14 worth because of the drop? and why should i pay the bank anything against the US dollar? what does the US dollar have to do with anything?

[Looney]

You are insured for $100,00.00 Canadian currency regardless of it's market value. Whether you make or loose on the market value has nothing to do with the insurance. You put in $100,00.00 Canadian, you get out $100,00.00 Canadian. Simple - yes.

[The Green Barbarian]

http://viableopposition.blogspot.ca/2012/06/canadas-healthy-banking-system-fact-or.html

Fiction I say.

you are correct, this blog is complete fiction.

[noneofyourbiz3]

How much of those profits are earned because our stupid gov cant follow legislation.

http://actionparty.ca/news/monetary-ref ... ada-facts/

[Glacier]

Dumb poll question.

Do bankers deserve their wages? Sheesh.

Yes they do. It is becoming increasingly harder to recruit officers and directors because of the inherent risk. Would you take a job if you could be sued if something goes sideways, especially in the States where strict liability applies? Civil law is often scarier than criminal law because there is no such thing as "beyond a reasonable doubt."

[sooperphreek]

Bank of Canada Facts

June 21st, 2012

“Until the control of the issue of currency and credit is restored to government and recognized as its most conspicuous and sacred responsibility, all talk of the sovereignty of Parliament and of democracy is idle and futile…Once a nation parts with control of its currency and credit, it matters not who makes that nation’s laws…Usury once in control will wreck any nation.”

Prime Minister William Lyon Mackenzie King



In 1974 Prime Minister Trudeau stopped using our Bank of Canada which served Canada so well keeping us out of serious debt. He handed over control of our monetary system to the Private Bankers.



We have lost our Democracy because the power is concentrated in the Banks and Corporations that control our politicians.



Today half your taxes go to pay the private banks interest on our needless debt of 582 Billion.



Thats million per month out of every riding.



A total $ 170 million per day in every riding in interest



That is $50 billion per year



Every man, woman and child owes approx. $17,000.00


A Family of 4 owes $68,000.00



Compound interest on the debt keeps increasing the debt.

It is never paid down. We have paid the debt 3 times over yet it is still there.



The Canadian Action Party would return to the use of the Bank of Canada for the original purpose for which it was intended.



Keeping Canadians out of heavy debt and improving the quality of life for all Canadians.



Using the Bank of Canada we built the railways, universities, St Lawrence Seaway, brought in the CPP and Medicare. What have we done since?


nothing of import that is for sure.