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Would you go over the CDIC limit with Tangerine?
December 9, 2022
2:47 pm
lisa
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Happy dance that I got the 4.45%!

December 12, 2022
12:29 am
Greedy Guy
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I have never exceeded the Tangerine CDIC limit with GICs. However, I have exceeded the CDIC limit in savings account frequently.

December 12, 2022
4:57 am
savemoresaveoften
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Greedy Guy said
I have never exceeded the Tangerine CDIC limit with GICs. However, I have exceeded the CDIC limit in savings account frequently.  

Understand ur logic but at the same time if $hit hit the fan and with their $25k self serve limit, one prob has problem withdrawing quickly. On top a FI can limit withdrawal too theoretically speaking.

December 12, 2022
7:10 am
Mark M
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Not sure if the OP is married or not but my wife and I spread out our GIC's through various institutions at $300K a pop.
100K my name, 100K her name, 100K joint. Full 300K CDIC coverage same institution.

December 12, 2022
8:09 am
want8tracks
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Has it ever happened in Canada where someone has lost their bank deposits? I've always taken it for granted that whatever I put in the bank is safe.

December 12, 2022
8:57 am
Bill
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Wife and I have 4 savings accounts with Tangerine (mine are empty due to low interest rate), using transfers we can withdraw $100k/day. Probably more if we involve chequing account.

I've seen in other countries sometimes the banks just close during crisis, people lined up and can't get their money, imagine same could happen here (or just have website go down).

December 12, 2022
3:14 pm
smayer97
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Mark M said
Not sure if the OP is married or not but my wife and I spread out our GIC's through various institutions at $300K a pop.
100K my name, 100K her name, 100K joint. Full 300K CDIC coverage same institution.  

And in a TFSA each and you can go a little further.

December 12, 2022
3:18 pm
smayer97
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savemoresaveoften said

Understand ur logic but at the same time if $hit hit the fan and with their $25k self serve limit, one prob has problem withdrawing quickly. On top a FI can limit withdrawal too theoretically speaking.  

Bill said
Wife and I have 4 savings accounts with Tangerine (mine are empty due to low interest rate), using transfers we can withdraw $100k/day. Probably more if we involve chequing account.

... 

Yes, one way to get around daily withdrawal limits at Tangerine, or any others that have limits, is to have a spouse have an account and/or use joint accounts. Each ACCOUNT is subject to the daily limit, so you can move or spread money across accounts, at least at the time of withdrawal, and get more out from each account, thereby cumulatively exceeding the individual account daily limit.

December 13, 2022
7:35 am
Norman1
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want8tracks said
Has it ever happened in Canada where someone has lost their bank deposits? I've always taken it for granted that whatever I put in the bank is safe. 

Not all of their deposits. But, there were some losses when the Principal Group in Alberta collapsed. See the Wikipedia article.

There was political interference by the Alberta government with its provincial regulator. It took over 10 years for people to get around 90% of their money back from the various governments.

The collapse of the Northland Bank and Canadian Commercial Bank in 1985 was going to result in losses for uninsured depositors. Luckily for those depositors, the federal government extended CDIC coverage because of "special" circumstances.

Among those "special" circumstances were statements made by the federal Inspector General of Banks that Northland Bank was going to be fine. The Alberta treasurer also stated publicly that Northland Bank was now stable. Two months later, the bank failed. sf-surprised

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