Banking in Canada is Secure and Safe
The banking system in Canada is accessible, safe and trusted by millions. In fact, more than 99% of Canadian adults have at least one account with a financial institution. The country has five major chartered banks that hold more than $100 billion in assets. There are also numerous smaller banks, credit unions and trust companies.
The management of the banking system in Canada is often used as an example of good practices around the world. Part of this is because of the Canada Deposit Insurance Corporation (CDIC) which is federal crown corporation that provides deposit insurance against eligible losses at member institutions should there be a very unlikely failure.
Canadian banks are very enmeshed in electronic transactions and make it easy for Canadians to access funds, move them around and pay bills without ever stepping into a bank branch. Not only does this highly-advanced system support Canadians, it also supports their businesses with nearly three million self-employed and small and medium sized businesses being served across Canada.
