The collapse of U.S. banks like [Silicon Valley
Deposits held in the name of two or more people Deposits held in a Registered Education Savings Plan Deposits held in a first home savings account Just like the banks diversify where their money is invested, you should follow the same process.Article content
Spreading out your investments in a variety of funds minimizes the risk of any investments failing. And if you put your money in one of the areas protected by CDIC insurance, you have the added benefit of knowing that you have extra protection should a bank failure occur.
Ciappara believes a single regulator ensures greater security, since there is “a clear line of communication between the regulator and the banking system.” Basically, there is a single third-party entity in place to ensure that the bank is operating with the best practices.Article content When you have one organization ensuring that everything is operating smoothly, you know that a certain standard is being met. When you have many regulators overseeing things, there’s no clear regulatory system, increasing the chances of failure. In Canada, there is less chance of any major upheavals that will affect your assets.You might have noticed that the U.S. has more smaller, regional banks than we have in Canada.
The sheer number of smaller banks operating makes it more difficult to diversify their credit risk, revenues and funding.Having national banks ensures their strength isn’t tied to a single, regional economy. This means that even if one type of industry faces hardship, the wide range of customers and services will keep the establishment going.Article content
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