BankTips.ca

Simple Bank Advice

Insurance

All qualifying Canadian bank deposits are insured against issuer default. A full description of what qualifies for deposit insurance can be found at:

CDIC - Canada Deposit Insurance Corporation

All bank owned investment brokers are members of CIPF to insure against insolvency (a fancy word for a business that cannot pay its bills and files for bankruptcy.) It is important to note that you cannot seek compensation from CIPF for poor investment decisions. Do check this site for the fine print.

CIPF - Canadian Investor Protection Fund

Are my bank owned mutual funds protected? The short answer is no. Check the details at this site.

IFIC - Investment Funds Institute of Canada.

 

Dispute Resolution

Have a problem with your friendly banker? Then first try their manager. If that does not work, contact the branch manager (with a smile, of course). Still not getting a satisfactory resolution? Then try approach the area VP. Banks have a policy that customer complaints must be responded to. Still not working? Then its time to review the complaint process highlighted on the CBA website.

CBA - Canadian Bankers Association

Complaints regarding your investment broker may be directed to a few agencies including, but not limited to the IDA. This assumes you have already attempted to reach a settlement with your institution.

IDA - Investment Dealers Association

 

Know your Rights

The FCIC can help resolve just about any bank related issue, concern or complaint you may have. This site is thorough and easy to navigate. You will be a smarter bank customer after reviewing your rights and their obligations.

FCAC - Financial Consumer Agency of Canada