November 19, 2014
Have you thought about having a pinned article or an FAQ section that explains deposit insurance schemes in Canada in plain english for newbies ?
Seems to be a topic that comes up a lot and there always seems to be a lot of confusion and misinformation about it. It would fit with the "educational" aspect of your site.
My apologies if there already is one. Of course, if I couldn't find it newbies probably couldn't either....
Thanks. That's a great idea. I'd love to create a simple glossary area with information like that, as well as other terms such as laddering. The challenge of course is to create and maintain the content. Does anyone want to get us started with a write-up on deposit insurance? I can edit and organize the content.
October 21, 2013
I'm not volunteering.
It's a good idea in theory, but one of the reasons it comes up so often is that there is a lot of genuine confusion over whether the provincial governments stand behind the credit union deposit insurance schemes. I think that any such article would have to include chapter and verse proving the case one way or another. An official statement from the governments in question would be a necessity in my mind.
I know what I understand to be true on this question, namely that Ontario does not prop up DICO for instance, but I was told in no uncertain terms by someone at one of the Ontario credit unions that the province guarantees it. This person (the kind who has their own office) did not seem to understand the difference between the verbs "regulates" and "funds".
With this much confusion out there, any reference article would have to be very careful about accuracy.
With CDIC, it's much easier.