B14 - Friday, May 11, 1984 - North Shore News i business ill Ei ee eee ee ee Keep your savings safe in the bank | YOUR DEPOSITS in a chartered bank are safe be- cause they are ‘‘insured by the government,’” right? But do you know what this means? In fact, they’re insured by the Canada Deposit Insu- rance Corporation (CDIC), a crown corporation. estab- lished in 1967. The CDIC in- sures ‘‘persons’’(a legal term which includes a variety of associations, corporations, or governments) who have deposited money with a member financial institution. LOOK FOR THE SIGN Members of CDIC include banks, trust companies, and mortgage loan companies. You can tell if yours ts in- sured by looking for the of- ficial CDIC membership sign. If you don’t see it, ask. Although federally- incorporated financial com- panies are required to be CDIC members, pro- vincially-incorporated = com- pamies are not. Thus, you can’t assume every trust or mortgage loan company 1s a CDIC member. Deposits made in Quebec with provincially-incor- porated compamies are in- sured with the Quebec De- post Insurance Board, while deposits with federally- incorporated companies {such as chartered banks) are insured with the CDIC What ts covered? Savings and chequing accounts, money orders, deposit receipts, guaranteed invest ment certificates, debentures, and other obhgations tssued by a CDI¢ member However, there ate some restmcurions on teem deposit coverage, so ask about your particular deposits What isn't covered’? In Vesiments an stocks. bonds mortgages, of mutual funds, and deposits in foreign cur teney, Such as LIONS dollars The contents of vour salety deposit box are net iisured CALL CLASSIFIED 986-6222 rin) Meaottue lus f+ GENERAL CONTRACTING CUSTOM HOMES FULL RANGE OF SERVICES beable foaciaity \ Cafi ROR COWAN include them on your household policy. Your total deposits with any one institution are co- vered up to $60,000. Your registered savings plans re- ceive separate coverage, so 1f you have opened RRSPs in a bank, you have a separate $60,000 coverage for the total savings within those plans, provided they are the sort of investment insured by CDIC. The same is true for your Registered Retirement In- come Fund. Your Registered Home Ownership Savings Plan is automatically insured up to $60,000 independently of all other deposits or registered plans. A NERVOUS TYPE? If you’re the nervous type and have $60,000-pius tucked away in deposits or registered savings, cover yourself by placing excess deposits in another CDIC-member in- stitution, where all proctec- tion starts anew. Or you may open another account jointly with your spouse or someone else. As a “‘jyoint: account”’ you qualify as a ‘‘person’”’ different from your single- Name account, and get separate $60,000 protection So, just what are you in sured against? If the insti tution proves insolvent, CDIC arranges for repay ment of your deposits in cluding principal and interest up to the $60,000 limit You are not insured against having term deposit’ certith cates or debentures lost, stolen, or burned that’s a matter between you and the Institulvon The Bank of Montreal ot fers free brochures on money management Wete to Con sumer Education, Bank of Montreal, PO Box 6002 Montreal, Que | Hoy JS BED AND BREAKFAST WITH A DIFFERENCE a Oy ‘ t ‘ ‘ al Y grtre ster Prconeve Cocoes fc jesrtaabty oa 4, A be we Yo. pote ase served tric a bree Copyy ot Ver ty ia, Wyse | Nyt Noe Its | taf { bovaya , ! “datbac Ve rn Was. Tha © taaedbars tharakers 4 batde ota Box POO Station A deororite: Cntr NEW ts Plee atheow four weeks tor delivery VENTURES WEST DEV. LTD. Bus 534 1070 Res 534 2468 an This free book cuts through the confusion about mortgages. Your home may well be the biggest single investment vou'll ever make. 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