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over cdic limits
February 28, 2016
2:21 pm
tc
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For those lucky ones with accounts set up, would you consider going over the cdic limits? Afterall Equitable Bank seems pretty solid.

February 28, 2016
3:14 pm
kanaka
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Hi if you went with EQ you should either invest 100,000 and pull the interest out monthly or invest 90 or 95 thousand and pull interest out as you near the 100,000 balance. Keep in mind they are new at banking, did they have a "need" to do so, and CDIC does not cover your gained interest if your balance is over 100,000.

Do they still refuse to do a joint account....if so.....what difficulties would one expect to clear probate? Assuming they don't allow you to have a beneficiary????

February 28, 2016
4:48 pm
Loonie
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"seems" is a very slippery word. The problems only come when what "seems" to be true turns out not to be. If you are an expert at finance and reading the intricacies of annual reports and so on, and you are satisfied, then go for it. If you are anything less than that, you could be a sitting duck. Just because we haven't seen any bank failures here for a while doesn't mean that we can't. It's always the surprises that "getcha".

February 29, 2016
5:57 am
2of3aintbad
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tc said

For those lucky ones with accounts set up, would you consider going over the cdic limits? Afterall Equitable Bank seems pretty solid.

I would go with $99,000+ and pay bills with the monthly interest, rather than transfer out.

February 29, 2016
9:22 am
kanaka
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2of3aintbad said

tc said

For those lucky ones with accounts set up, would you consider going over the cdic limits? Afterall Equitable Bank seems pretty solid.

I would go with $99,000+ and pay bills with the monthly interest, rather than transfer out.

"If" they have your vendor on their list. I asked for a list and they won't provide. And with no transit number....no account debits for natural gas and hydro. But a great idea.....would be like having a few free bills every month.

February 29, 2016
4:43 pm
SavingIsGood
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All depends on your risk level. With reputable and long time in business banks, I see no problem. I had >300K with Tangerine and it paid well. I did not lose my sleep knowing who owns them and it is highly unlikely they would go under during that period (or ever).
But like everything in life, YOU do not know if you are going to slip coming home and break . Everything is based on risk tolerance.

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