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Email this11:44 am
January 9, 2011
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What has really been needed over the past year, with Ally and Ing having been eliminated from contention due to buyouts and uncompetitive rates, and CTC deciding they don't want to compete on rates either, is for a CDIC insured bank to decide they want deposits and can use the funds to make money like the current higher rate online banks do. In other words, there is room for more competition and whoever decides to do so first will win. A lot of people won't venture into Manitoba Credit Unions.
The main accomplishment of almost all organized protests is to
annoy people who are not in them.
2:12 pm
June 24, 2014
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Brian said
dougjp said A lot of people won't venture into Manitoba Credit Unions.
I am one of those "people who won't venture into Manitoba credit unions" because when I do a quick comparison of say just Total Assets and Number of Employees for even say VanCity (perhaps the largest credit union in Canada) and Bank of Nova Scotia you get the following:
Total Assets
Bank of NS $744 Billion
Van City $18 Billion
Total Employees
BNS $35,837
Van City $2,483and you can do the same for Net Profit, Return on Equity etc. etc.
The credit unions are quite small relative to the banks - I know that the banks are quite monitored by OSFI - I don't have the same knowledge or comfort level about the credit unions. To me credit unions are a higher risk than banks, but each to their own comfort level !!
I know CDIC has dealt with financial institutions failures. Details are on Wikipedia page: http://en.wikipedia.org/wiki/C.....orporation.
If somebody knows the experience of The Deposit Guarantee Corporation of Manitoba (DGCM) handling a failed bank, I would be interested to know. Thanks.
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