Quiz will reveal if your money is safe
(NC)–Have you done everything necessary to protect your savings?
To find out, test yourself during Financial Literacy Month with this True or False deposit insurance quiz. It's based on three new videos produced by the Canada Deposit Insurance Corporation (CDIC). If you need a little primer, watch the videos first at YouTube (CDICchannel). Then, circle your answers to these five statements:
CDIC insures some – but not all – deposits in its member institutions. T/F
Mutual funds and U.S. dollar accounts are not insured by CDIC. T/F
Depositors have to sign up and pay for deposit insurance. T/F
Banks never fail in Canada so we don't need deposit insurance. T/F
CDIC is a private insurance company. T/F
True. If your bank fails, eligible deposits are automatically covered for up to $100,000 per insured category at each CDIC member institution. Be careful, though, and learn what is and isn't eligible for deposit insurance by visiting cdic.ca.
True. Mutual funds and foreign currency accounts are examples of deposits not insured.
False. It is free and automatic – you don't have to apply or file a claim.
False. Since federal deposit insurance was initiated in 1967, 43 banks have failed; in that time, not a single depositor has lost a dollar of insured savings.
False. It is a federal Crown corporation created by Parliament.
More information is available at cdic.ca and on YouTube (CDICchannel).
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