Canadian banks at risk? DH is in a froth

[Anonymous]

DH is mumbling frantically about Canadian banks being in trouble and how we should move our money out of TD Bank asap. Anyone know what the heck he’s talking about? Is he right or is he drunk or something??

[Anonymous]

I'm Canadian. I would like to know what he's talking about.

[Anonymous]

Anonymous wrote:DH is mumbling frantically about Canadian banks being in trouble and how we should move our money out of TD Bank asap. Anyone know what the heck he’s talking about? Is he right or is he drunk or something??

Give him his meds and a glass of warm milk have have him get some rest.

Unless you've got gobs of money there, you'll be fine:

https://www.td.com/us/en/personal-banking/universal-footer/fdic-coverage

[Anonymous]

Aren’t Canadian banks the envy of the world for stability?

[Anonymous]

Unless you're Canadian or live in Canada, why would you use Canadian banks?

Do you keep any money in american banks?

[Anonymous]

Anonymous wrote:Unless you're Canadian or live in Canada, why would you use Canadian banks?

Do you keep any money in american banks?

TD Bank is a subsidiary of a Canadian company.

[Anonymous]

Ask the IRS.

[Anonymous]

TD Bank NA is a U.S. bank subject to FDIC deposit insurance. Your deposits are insured up to $250K per depositor at TD Bank (so total of $500K deposit insurance for a married couple who are listed as joint owners)

[Anonymous]

Anonymous wrote:Aren’t Canadian banks the envy of the world for stability?

They are subject to stricter rules than US banks, but the sector is much more concentrated in a few big banks than the U.S. which leads to other risks (staleness, lack of innovation, herd behavior, no simple banks, etc)

[Anonymous]

OP-if you're looking on DCUM for financial advice, you have bigger issues than your DH. Go read the CBC News, BNN Bloomberg or the Financial Times or WSJ and then come back when you've educated yourself.

[Anonymous]

It's about a probe into TD for money laundering Fentanyl profits.

[Anonymous]

This is why FDIC insurance exists.

[Anonymous]

Anonymous wrote:It's about a probe into TD for money laundering Fentanyl profits.

It's hard to be a bank today without incurring a money laundering violation.

[Anonymous]

Tell your husband to relax. Money laundering probes are everywhere. The banking regulations to guard against international money laundering are so vast, complex and ever-changing that any bank can fail to document properly. The immense majority are unintentional process violations, and treated as such.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's about a probe into TD for money laundering Fentanyl profits.

It's hard to be a bank today without incurring a money laundering violation.

The fact that Deutsche Bank is still in business is a confirmation of this.