you - ever not { alk. into ‘a ‘trust compan or bank : branch © 33 financial services . eae ‘among. ail: ue : “portance & to consumers who: fave money, on’ ‘deposit. with that” _ particular financial Depot Insurance: The C.D. Lc. isa Crown ‘Corporation that - “was established in 1967 to _ protect consumers from loss. of deposits. If, perish the ‘thought, your financial - institution became insolvent; | “Tand was a member :of the. C.D.LC., your ‘money would - bs protected. "Just: about every type of deposit -_ qualifies for in- ‘surance. Savings and chequing ‘accounts, money. . orders, deposit receipts and. . guaranteed - investment: . certificates’ —. they. all qualify ‘for: i insurance as do; debentures: and other deposit obligations issued by member companies. In. the case of. deposits ‘where. your. money is in- vested for a set Period of time .the insurance — only covers those investments with a “term” of five years or less. rs There is also a maximum set on the amount of deposits the C.D.I.C, will insure. This maximum is $20,000 for each person and includes both principal and interest. You may have $5,000 in a chequing . account and $15,000 in two or three other deposit accounts with the same company and they are all insured. Anything over the. $20,000 would not be covered. If you have money in another financial institution, then you're insured up to $20,000 there too. But it cannot be just another branch of the same bank or trust company. It has to be another organization all together. Now that we've got that straight let me throw in a few complications for you. For instance, what happens if you have a separate a account for yourself with $20,000 in it but you and your spouse have a joint account as well with the same company? Does your spouse lose out? No! Joint accounts are in- sured separately from in- dividual accounts. Again the maximum amount of in- surance is $20,000. variety. . Plans. pene =, Teally. \n : complicating. factor i is that the contents ‘of you would have to'take “up. : “with the financial institution ‘and: : ‘Regist Retirement | Savings: ' aren't insured-either == but they’ really , are. . Confused? “In ‘essence what: you are - doing when you invest in an‘ RRSP or. RHOSP is: giving. your money to the financial “institution to invest on your. behalf. as trustee. So, “provided these contributions: - are. invested in a type of deposit that’ ‘qualifies for. _ insurance coverage, such as ’a Savings: deposit, or term - deposit with a five'year.term or less. . your money is. covered. 'But be ‘careful. . Rather than being. paid to: you’as. “would be. the. case with” van regular. deposit the money would be paid to the trustee. . Then it. would’ be up to you to: deal with the trustee for. . repayment, ,and -that. is governed _ by - ‘the: “trust” agreement” you have with . your financial i institutions, ’ So ‘read: “ your . trust. _ agreement carefully to make - sure, repayment to. you is covered i in it, 4: ; One of the nice things about this kind of insurance is you don’t have to pay for: it. Nor do you have to apply for it. The cost is covered by the member institution and the. insurance is automatically applied when you make your deposit. Another nice thing is you won't have to wait years for your money if your financial institution ever defaults on its obligations. _Depositors could normally expect to receive notification of settlement within 30 days of default by .a- member company. The depositor would receive repayment either ‘through C.D.LC. directly or through another member company. The next time you walk into your branch take a look at the decals on the win-' dows. If you sce the diminutive one that says “Member: Canada Deposit Insurance Corporation”, relax — you're covered. LOOSE FANBELTS? CHECK 'EM OFTEN. Save Save 30%! Great Selection Of Regular & Redi-Knot Ties Reg. Woolco Price: ea: $5 Woolco Sale Price: /*10 DEPARTMENT STORES A DIVISION OF F.W. WOOL WORTH CO, LTD. Shirt & Tie Sale! 4% | On Dress Shirts Dad can ‘always use another shirt & now's the time to surprise hirtr-with one of these short-sleeve dress shirts. 65% Polyester/35% Cotton; no-Iron finsh for easy-care. Blue, Tan, Mint, White, Maize, plus a selection of stripes & check prints. Why not get him a tle to match! 14%-17%. / NORTH VANCOUVER Capilana Malt 925 Marine Drive, North Vancouver, 960-631) HOURS. Mon . Tues, Wed 9 30am 69m Thursday and Friday 9 30am - ‘opm Saturday 9am -6pm Reg. Woolco Price: each 5.97 WOOLCO SALE PRICE Prices Effective ‘til Saturday, June 9th, While Quantities Last. BURNABY Lougheed Mai! Lougheed Hwy 4 Austin HOURS Mon | Thursday and F nday Saturday Gam 6 pm Road, Burnaby 036 O41 Tuen Wed 0 30am Gnm 930am Gom SUAREY Guildtord Town Centre . 1O4ih Avenue and 142nd Street Surey BC Prone 488 2742 HOURS Monday to Saturday 940am 1000AMm