Hello Friends,

I have a small concern about PC financial bank in regards to the current global financial market.

I'm sure that 2 years back PC bank used to be the member of CDIC (Canada Deposit Insurance Corporation) but now PC bank is not listed in the CDIC member list.

I called CDIC and they are saying since CIBC bank is a member of CDIC so PC bank is automatically insured by CDIC (Indirectly) ... because it's a part of CIBC BANK.

But, to me it's not satisfactory because i have all my money parked in PC BANK. If, something goes wrong with this bank, who will suffer?? they can simply say that PC bank is not directly insured by CDIC.

Please share your views.

Many thanks.

If you go to PC financial's website and click on CDIC deposit insurance information at the bottom of the page, this is where it takes you:

http://www.cibc.com/ca/cibc-and-you/to-our-customers/dep-reg-info.html

The following instruments and/or products are deposits eligible for deposit insurance from the Canada Deposit Insurance Corporation, subject always to maximum coverage limitations as outlined in the CDIC brochure..............

..........

President's Choice Financial®(5) (Products formerly issued by Amicus Bank)

President's Choice Financial GIC (the must-have GIC)
President's Choice Financial daily interest investment account RRSP (The World's Best™ RRSP)
President's Choice Financial RRSP GIC (the must-have RRSP GIC)
President's Choice Financial bank account (no fee bank account)
President's Choice Financial savings account (Interest First™ savings account)
President's Choice Financial Interest Plus™ savings account
President's Choice Financial Interest Plus™ RRSP
..........

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There is no insurance issue with PC bank; you can use your PC Debit card freely at ant CIBC for the reason that it is indeed a part of CIBC. It compares well with the internet banking division within ICICI. I have nearly 80 grand with them and have no qualms about their insurance. And they do pay better rates than the other bankers; 4% APY on GICs.

Thank a lot guys for all your help and comments

PC is CIBC so it is safe.

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