Imagine you have worked every summer for the last four years in order to save money to buy a car. You have $23,000 deposited in a savings account at Scotiabank. One day, you turn on the news and discover that the stock market is crashing and people are rushing to banks to withdraw all of their money. What should you do?

Question

Quizplus · Accepted Answer

As a client of Scotiabank, you are protected by the Canada Deposit Insurance Corporation (CDIC), which insures eligible deposits up to a maximum of $100,000 in case of a bank failure. Therefore, there is no need to panic and withdraw your money. You can rest assured that your $23,000 will be safe and, in the worst-case scenario, you will receive a cheque for that amount.

Imagine You Have Worked Every Summer for the Last Four