Is it a cause for concern for Canadians to worry about the security of their money and banks?

by | Dec 12, 2023 | Bank Failures | 32 comments

Is it a cause for concern for Canadians to worry about the security of their money and banks?




Turmoil in global banking, specifically in the U.S. and Switzerland, is bringing to light problems in the industry. Canadians could feel the effect of the instability and are also dealing with a system with its own unique flaws.

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With the current economic climate and global uncertainty, it’s natural for Canadians to have concerns about the safety of their money and the stability of their banks. However, the Canadian banking system has a strong reputation for being stable and secure, which should provide some comfort to citizens.

The Canadian banking system is regulated and supervised by the federal government and the Bank of Canada, ensuring that it operates in a safe and sound manner. Additionally, Canadian banks are required to meet strict regulatory standards and are subject to regular stress tests to assess their ability to withstand economic shocks.

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Furthermore, Canada has a deposit insurance program called the Canada Deposit Insurance Corporation (CDIC), which provides coverage for Canadians’ deposits in case of a bank failure. The CDIC insures eligible deposits up to $100,000 per depositor per insured category, which includes savings accounts, chequing accounts, and term deposits.

In recent years, Canadian banks have also embraced digital transformation, investing in cutting-edge technology and security measures to protect their customers’ information and funds. This has led to increased convenience and accessibility for banking services, as well as enhanced safeguards against cyber threats and fraud.

Despite these reassurances, it’s important for Canadians to remain vigilant and informed about their financial health. Regularly monitoring their accounts, updating their security features, and seeking advice from financial professionals can help mitigate risks and ensure that their money is secure.

While the Canadian banking system has demonstrated resilience in the face of past crises, such as the 2008 financial downturn, there are no guarantees in the ever-evolving global economy. It’s crucial for Canadians to stay informed about economic trends and potential risks, and to make informed decisions about their financial well-being.

In conclusion, while Canadians may have some concerns about the safety of their money and banks, the country’s banking system has a strong track record of stability and security. With strict regulations, deposit insurance, and technological advancements, Canadians can feel confident in the safety of their funds. However, it’s important for individuals to remain proactive in managing their finances and to stay informed about potential risks in order to protect their wealth.

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32 Comments

  1. @rickhayes-oh2zm

    raising rates after boring at 0%. Duh

  2. @spedding120

    CBDC is scary.

  3. @6648rome

    As if we would kbelieve anything coming from the cbc. Lied to us for 3 years and we should believe you!!!

  4. @good2goskee

    Take the BoC survey and state YOU DO NOT WANT the Canadian CBDC.

    First it starts with a Canadian CBDC and then it becomes a world currency where someone in a foreign country controls your banking.

    This is about control and surveillance, nothing more!

    The more payment options you have: CASH, credit card, debit, e-transfer, wire transfer, crypto, ….barter… the freer you are!

    a CBDC is evil and is of no benefit to the common Canadian

  5. @Do-U-Know

    more content please – there's an audience for this

  6. @highthereguystv8702

    Oh god, defund the CBC, this is excessively trash analysis

  7. @highthereguystv8702

    This NORA lady is terribly wrong with all her liberal talking points

  8. @jamieharknett9620

    It’s a choke point operation to
    Destroy banks that handled a lot of crypto.

  9. @StephenAndrew777

    I love the way these smarmy extremists outright refuse to mention why our money is more safe than it would be in American banks.

  10. @trevorchen5861

    Deposits is safe, but CA has increased their M2 dramatically. Where do those funds go?

  11. @adamschroeder3920

    There going to Collapse all the BANKS and buy them up. Then create a cyber attack to shut down the old system and bring in the new CBDC

  12. @MrjackieG

    The Times of Israel reported that:

    Israel’s two largest banks, Bank Leuimi and Bank Hapoalim, set up a situation room that has been operating around the clock to help firms transfer money from SVB—before it was seized—to accounts in Israel. Over the past few days, teams at Leumi Tech, the high tech banking arm of Bank Leumi, have been able to help their clients transfer about $1 billion to Israel, the bank said.[10]

  13. @toddhurdon2016

    The initial question was never answered. Liquidity was never discussed. The interview was fluff

  14. @dellis-guertin3417

    This is scary AF*…there is absolutely no excuse for withholding anyone's hard earned $*… Pardon my semi educated guess here…but if a a banking institution goes "belly up" because it's clients withdraw their money, ~ NOT CREDIT*<… doesn't this speak to these same banking institutions embezzling other people's money? i.e – taking lines of credit against it or spending it?… Didn't a crypto currency founder just get arrested for something similar???? What the hell is going on REALLY ?… All Rhetorical questions*

  15. @alisah6915

    Of course they will tell you everthing is ok. Remember when they said we didnt have to worry about covid and it was no big deal? Theybjust dont want panic

  16. @robertezergailis

    There are certain aspects of globalism that have failed, and we have to recognize that fact. That is in large part because Russia, China, and their allies on the "economic battlefield" are hostile competition. They do not want to play by the rules of Capitalism, but they want to use Capitalism the way bank robbers use banks. What that means is that there are no simple or painless ways to apply tourniquets to the gaping financial wounds that have resulted from that failed globalism. The institutions that have become over invested, overly involved, in expanding their financial footprints into that failed globalist environment, in effect throwing money at the bank robbers, will have to fail. SVB, and Credit Suisse were expanding those footprints, and cozying up with hostile competition that refuses to play the Capitalist game by proper Capitalist rules. There are others that are similarly involved, in various ways, where they ought not to be involved. Why ought not ? That is because there is a need to not only stop the bleeding into a failed program of ill considered and flawed globalism, but an even larger need to restore the power of capitalization to properly Capitalist enterprises, within the nations and entities that do play by proper Capitalist rules, and that are willing to denounce and oppose the corruption that comes with hostile competition. Corruption meant to destroy Capitalism, rather than to build it up. We need massive capitalization for industrial growth, in key strategic industries, and the collapse of bad banks is going to restore that healthy capitalization, as investors become spurred to put their dollars into Capitalism friendly, not hostile, nations and entities. No more aiding and abetting the enemy, becomes the real outcome. No more influx of money to the bank robbers, and we have to remember that Communism was a start up that was carried out by bank robbers in the formation of the USSR. The bank robber tradition continues and it is time it was put to a stop.

  17. @steveroberts3713

    I wouldn't leave to much in the bank

  18. @Richard-G

    Sorry I don’t need to pay someone to hold onto my money. What a joke that is and now It’s almost impossible to not have a bank account. Need one just to work at most places so the employer can give the bank my money for me. What a joke. By doing that they are helping the scammers who think you need someone to hold ur money for u

  19. @greenthumb9661

    Bank Bail in's this time. This ship is sinking. Don't be naive. It's happening. Nobody will get their money back.

  20. @lapraxi

    No need to panic we are safe, the Canadian banks can fix the numbers overnight with just a few button clicks and make everything look like a beautiful garden

  21. @helenavondrakenstein4969

    I've withdrawn 90% of my cash out of the bank…I can always re deposit it if things go back to normal

  22. @gerrybourque7676

    Well duhhhh. If course they should! After the Greek banking crisis Canadian banks modified the agreement with us that now states any money you deposit in their bank IS NO LONGER YOURS! It's part of the bail-in plan they would use when this all starts talking apart and crashing.

  23. @pierreballester5226

    This lady seems to forget how easy it was for our PM to make the banks seal bank accounts and how willingly they accepted to do it. Do I trust my money is safe in a Canadian bank? Absolutely not.

  24. @calvindonald2722

    CBC government propaganda arm hmmm should the people have confidence????? How’d the “pandemic” “vaccine” definition changes workout?

  25. @elidyson256

    Back to gold is the safest!

  26. @bettybeeson165

    They told us absolutely nothing except banks are bad. Blah blah rich are evil and corrupt blah blah welcome to the CBC and liberal Canada. People like this and posters on here will cause our banks to lose money and that means your money is not safe. It’s a self fulfilling prophecy. They told us nothing and just caused more anxiety

  27. @lairdduncan5209

    considering the absolute pathetic interest we get on our money why not pull out most or all savings? just a thought ! you can always put it back if things get back to normal !

  28. @ianbenjiman

    Only if you disagree with the PM politically.

  29. @eugeneross3606

    I don't think Canadian should be worried about how our banking institutions work.
    Mind you there is lots room for improvement 100000 per personal account is not.
    It should be for every dollar that is placed in there the bank should be able to cover it.
    With the gross amount of fees they charge and interest they should easily be able to wave any potential of suffering in any way of a major loss.

  30. @TwoWheelUnion

    They bring on the queen on cringe Nora Loretto to talk about banking and money? DEFUND.

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