Multiple Choice
You turn on the news to discover that CIBC has failed. Your parents have their life savings of $220,000 in an account at CIBC. Just then, the phone rings. Your mom is in a panic. What should you tell her?
A) to get to the bank right away to see if she can get some, if not all, of their money withdrawn
B) because the bank is CDIC insured, she and your dad will be able to recover $100,000 of their savings
C) not to worry: even though CIBC is not CDIC insured, the bank is required to give them their money
D) because the bank is CDIC insured, she and your dad will receive a cheque for the total amount of their savings
Correct Answer:
Verified
Correct Answer:
Verified
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