ZenOps
12-18-2013, 08:21 AM
http://online.wsj.com/news/articles/SB10001424052702304403804579264732267647904
For around $2.7 Billion US.
Just a reminder that insurance companies can go bankrupt. Slightly more relevant numbers are the CDIC for Canadians.
"According to the CDIC's 2012 Annual Report, CDIC protects $622 billion CAD in total eligible deposits, and has $2.44 billion CAD in assets to meet insurance claims.[4] This amount represents 0.39% of total eligible deposits."
You had better be the first four in line in a thousand if you want to be assured of being able to get your money out - if a bank should fail and the CDIC goes tits up. 996 out of every 1,000 are going to be wondering why they even bother to call it "insurance" if their deposits are confiscated.
Relying on fractional insurance to protect your assets is a dangerous game.
For around $2.7 Billion US.
Just a reminder that insurance companies can go bankrupt. Slightly more relevant numbers are the CDIC for Canadians.
"According to the CDIC's 2012 Annual Report, CDIC protects $622 billion CAD in total eligible deposits, and has $2.44 billion CAD in assets to meet insurance claims.[4] This amount represents 0.39% of total eligible deposits."
You had better be the first four in line in a thousand if you want to be assured of being able to get your money out - if a bank should fail and the CDIC goes tits up. 996 out of every 1,000 are going to be wondering why they even bother to call it "insurance" if their deposits are confiscated.
Relying on fractional insurance to protect your assets is a dangerous game.