What Is CDIC And Why Is It Important?

by Pam on November 22, 2012

What is CDIC?

While some Canadians bank at credit unions, many more deal with the big banks.  The major banks in Canada are all insured by the Canada Deposit Insurance Corporation (CDIC).  So, just what exactly is CDIC?  Well, it’s actually a federal Crown corporation that was created by the Canadian Parliament in order to protect your deposits in case the bank ever happened to go under.

What CDIC is NOT

CDIC is not a private insurance company and neither is it a bank.  The main point of the creation of CDIC is to help keep Canada’s financial system as strong as possible.
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Credit Unions are unique in that each client that uses their services is considered a member and not just a customer.  Credit Unions are cooperatives so they operated differently than the regular banks as well.  Most communities across Canada have a local credit union that offers financial services as a local alternative to the larger Canadian financial institutions.

What are some advantages of credit unions?

Credit Unions are community focused.

For one, credit unions are very community focused.  So, when you become a member of a credit union, you are indirectly giving back to your community.  Credit Unions often provide loans to local entrepreneurs and they often donate a lot of their profits to local programs and charities.  While the big banks are concerned about their shareholders, credit unions are more concerned about the local communities in which they serve.
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There are a lot of financial institutions out there that can provide you with bank account services, however, regardless of the bank you choose to do business with, there are five key things you can do to make the most of your banking experience.

1.  Keep only the minimal amount required in your checking account.  Most banks pay little or no interest on balances kept in checking accounts, so every time you get paid, keep only a minimal amount of money in your checking account, and put the rest into savings.  That way you can earn some interest on your money and make it work for you.

2.  Learn how you can bank for free. Most financial institutions provide a way for you to do your banking for free either by maintaining a minimum balance or by only doing a certain number of transactions.  Most banks also provide free banking to seniors and students.  It is well worth your while to give your bank a call and find out how you can bank for free.
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I recently sent money overseas and before I did so, I compared the cost of using MoneyGram versus the cost of wiring the money through my main bank.  This is what I discovered:

Using MoneyGram

To send money using MoneyGram, it would only cost me $25 and the person receiving the funds would not have to pay anything.  The process was quick and easy.  I just went to a local post office outlet and provided them with a piece of ID and used my debit card.  I was then given a number that I had to give to the recipient. The recipient then would simply go to a MoneyGram outlet and provide that number.  That’s all that was necessary.  It’s quick and easy and inexpensive.  The recipient can receive their money within a few minutes.
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Think Big With Merchant Service Providers

by Guest on April 30, 2012

Companies that provide payment processing services and products to businesses are generally known as merchant services providers. Such service providers focus on helping businesses of all sizes streamline the payment acceptance process. After all, no business can survive without collecting payments and fees from its customers and clients.

Understanding Merchant Service Providers

Many new business leaders and entrepreneurs struggle to understand what merchant service providers actually do. Put simply, such companies facilitate payment processing. They don’t act as banks or as credit card guarantors. They provide the equipment and software necessary for merchants to accept credit card and debit card payments. Merchant service companies may also interact with customers whose transactions have been declined.  Merchant service providers provide businesses with a way to take care of all their transactions in one payment gateway.
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In the UK PPI claiming is a huge market, some of the biggest banks and lenders have set aside billions of pounds worth of capital to cope with all the complaints they are likely to receive in 2012. The problems began when it became evident that lenders were selling the controversial financial policy to people who were not eligible to utilise it if needed.

What is PPI?

Payment Protection Insurance is a policy that is bought in conjunction with a credit card or loan that protects the holder against being unable to meet future repayments because of sickness, accident or unemployment. It’s a product that is widely sold around the USA and Canada but has seen little or no issues as yet, whether that is because the complaints are being protected by state so that they do not follow in the footsteps of the UK or the problem does not exist is unclear.
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