US$ account..

[merryweather20]

CDIC insurance only pays when the institution goes under...and frankly if one of the major 5 banks were to go under and there wouldn't be enough money to cover those losses and our country would go under. I truely wouldn't worry about CDIC insurance if you are with the big 5. A USD account is great way to manage your USD

I'll assume you're exageratting here but Canada would certainly be okay if only one bank went under (Don't beleive me think Bank of England 1992, there was certainly suffering, but the UK didn't go under)

I don't think in this day and age we can say major corporate fraud is a complete impossibility, such could cause a total failure and I guess I'd rather be safe than sorry.

 

[DutchsMommy]

I'll assume you're exageratting here but Canada would certainly be okay if only one bank went under (Don't beleive me think Bank of England 1992, there was certainly suffering, but the UK didn't go under)

I don't think in this day and age we can say major corporate fraud is a complete impossibility, such could cause a total failure and I guess I'd rather be safe than sorry.

Seriously, CDIC insurance is a joke. I am sorry to come off tough on this one, but the 'facts' you are throwing around are a bit of rumour-mongering. I agree that large corporations definately make mistakes in dealing with sensitive information - mistakes happen and it is as easy as someone trasnposing numbers when dialling a fax and voila - privacy breach. But most large corporations also have a backup system to deal with any privacy breach immediately. I personally think they do their best and you are much more likely to experience a privacy issue by throwing mail out in the garbage or recycling than via a Bank. As for the CDIC - seriously it really is a something that came into play when financial institutions were much less regulated and while it is true CDIC does not cover US dollars, it also does not cover over $150 000 and does not cover mutual funds. And frankly, if one of Canada's Schedule 1 Banks where to collapse I personally would be worrying alot more about rioters in the streets because we would have had to have a pretty major disaster for that to be the case.

Again - my opinion for what it is worth.