32 ~ Sunday, April 12, 1992 - North Shore News HELP’S AT HAND HELP’S AT Hand, by North Shore Community Services (NSCS), is a forum for discussing government policies and pro- grams, benefits, consumer and legal rights, taxation and public services, Answers are intended only as a general guide and should not be applied to individual cases without further consultation. Question: I have seen several television commercials lately about the insurance cr money deposited at the bank, end [’'m not sure what they mean, If a bank went out of business aod I had an account there, would my money be safe? _ Are alt kinds of accounts covered, such as chequing, sav- ings, and term deposits? What about mutual funds and Regis- iered Ketirement Savings Plans ? Answer: Deposit insurance is a policy taken out by banks, trust companies and credit unions that protects the money deposited by customers. Banks and trust companies are insured under a federal govern- ment corporation known as the Canada Deposit. Insurance Cor- poration (CDIC), whereas credit unions are covered by a provincial government corporation. In British Columbia the in- surance policies are with the Cred- it Union Deposit Insurance Cor- poration (CUDIC). Deposit insurance applies . automatically to money in your chequing and = savings’ accounts and term deposits and it is not ' necessary to apply for coverage or pay a fee. All major banks and trust com- panies are covered under CDIC cand will have a sticker displayed on their door showing their ‘Membership. - We did find out, however, that some banks and trust. companies are not insured, and so if you aren’t’ sure, ask your bank man- ager about it. in_British Columbia it is man- datory th~* all credit unions pay ‘premiums to insure all deposits held with them. - “ “Both insurance bodies have been established to protect cus- § tomers and members against the loss of deposits, yet there are ‘some differences in what they cover. ~The main difference is in the ‘amount of protection offered. For .credit unions, deposits are covered to a maximum of $100,000 per Planning to move? be sure ‘to call Cw Vetane Major 926-2753 or 980-9738 The test Famous Basket in the World d separate deposit, compared to $60,000 per separate deposit for banks and trust companies. Ask your financial institstion about what constitutes a separate deposit by their definition. Generally speaking, chequing and term deposits are considered one separate deposit, while RRSPs and Registered Retirement Income Funds, which are also insured up to the max- imum amounts, are each counted as separate deposits. Mutual funds or RRSP equity savings, plans are not covered by deposit insurance. Some banks and trust companies have insurance restric- tions on currency other than Ca- nadian and term deposits of five years or more. To find out more about deposit insurance, contact CUDIC at 660-2947, talk to a credit union manager, or call CIDC at 1-800- 461-2342. This column is prepared with financial assistance from the Notary Foundation. For more in- formation call NSCS at 985-7138. NORTH SHORE ALLIANCE CHURCH presents “WHO WILL CALL HIM KING OF KINGS?’ A new dramatic musical production THE TIMES for Easter A Good Friday, Apr. 17 at 10:30am Easter Sunday, Apr. 19 at 9:30am & 11:15am THE PRODUCTION Fully staged in five scenes with a dozen actors backed by a 40 voice choir. Paul and Silas in prison reflect back on the Life of Christ and His Crucifixion. The musical con- cludes with a triumphal celebration through acting, choir and slides. Please come early for a good seat. An offering will be taken. Call the church for more information. 201 East 23rd Street 984-6422 [MUCH MORE THAN A ROOF }OVER YOUR HEAD 1 Take a builder with over 40 years of building homes right the first time. Now take the New Home Warranty Program which covers the best built homes in British Columbia _and the Yukon. It doesn't get better than this. Preto is our promise Right Builder Right Warranty Mave WY PLUS Hh 1S LEER? WE DO... Madoay Nebr 4 Fuk RACK OE BABY Back RBs FP IS WESDAY Met T BRITS, COMEDY AD 4 SlewPTi0vs Diller S99. WEDNES LAY NIGHT TE HEAWENLY Bd OF OUR HARPST THURS D4Y, FRIDAY, SOrvR AY aig Hers EN F6y ove 72 Puanisr . SATURDAY 9 Sul0aY BRVSh wT FIVE FB ULOUS £595 BENEDICT Tb CHOOSE Feed Sb Gg SIWORY NiGHT ove FOAST PEEP DINNER. 77. 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