Does FDIC Insurance Protect Canadian Deposits?

The Federal Deposit Insurance Corporation (FDIC) is a US-based agency that offers deposit insurance to people that deposit their savings with banks or other financial institutions based in the US – known as “depositary institutions”. The FDIC does not cover Canadian depository institutions. In Canada, we have a different body called the Canada Deposit Insurance Corporation (CDIC).  While there are some fundamental differences between the FDIC and CDIC, both agencies exist for a similar purpose to protect depositors from a bank failure.  What is the CDIC? The Canada Deposit Insurance Corporation (CDIC) was established in 1967 by the Canadian Parliament. […]

What Are The Advantages Of Opening A Joint Account?

So you’re ready to take your relationship to the next level. But have you thought about how you’ll manage your financial responsibilities as a couple? Whether you’re just moving in together or you’ve been married for ages, a joint account can help you streamline your finances at any stage of the game. So, if you’re wondering whether or not to take the plunge and open a joint bank account together, here are some advantages to consider.

Joint accounts are good for your mental healthMoney is the number one reason couples fight and takes the number 3 spot for biggest relationship stressor. Based on that, you might think sharing a chequing account will only make things worse. But actually, the opposite is true. Several studies have shown that well over half the couples who share a joint bank account feel happier and more secure in their relationships. Couples who bank together, stay together.

Joint accounts are cost-effectiveNo one likes paying fees, but banks haven’t gotten the hint. There’s nothing more annoying than having to pay transactions fees to use your own money. By sharing an account, your combined cash may be enough to meet the minimum balance requirements to waive pesky fees. That immediately puts more money back in your shared wallet so you can have more date nights.

Joint chequing accounts are easier to manageTracking income, expenses, spending habits, and savings goals is already a tedious task. Multiply that over a few different bank accounts, and you’re each spending a lot of time balancing the chequebook. A joint account streamlines your accounting activities by keeping it all in one place. Instead of wasting time budgeting, you’ll have more time for other things like arguing over how to load the dishwasher.

Credit Unions vs. Banks in Canada: Which Ones Should You Bank With?

There are more than 40 banks and 210 credit unions and caisses populaires operating in Canada today. While they are both financial institutions providing banking solutions to their customers, however, there are fundamental differences between credit unions and banks.  Whether it’s their ownership and governance structures, values, user experience or regulation, the differences and similarities between credit unions and banks are manifold, which we will explore today.  By the end, you should be able to have a clear understanding of the distinction between credit unions vs. banks and decide which one might be able to suit your needs best.  What […]