COMMERCE 1E03 Chapter Notes - Chapter 18: Canada Deposit Insurance Corporation, Credit Union, Trust Company
26 Feb 2015
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Chapter 18- the financial services industry in canada. Cdic insures eligible deposits at members institutions against institutional failures or collapses: cdic guarantees deposits up to . Credit unions- non profit, member owned financial co-operatives that offer a full variety of banking services to their members. Trust company- a financial institution that can administer estates, pension plans, and agency contracts, in addition to other activities conducted by banks. Non-banks- financial organizations that accept no deposits but offer many services provided by regular banks. Pension funds- amounts of money put aside by corporations, non-profit organizations, or unions to cover part of the financial needs of their members when they retire. Why is money important money- anything that people generally accept as payment for goods and services. Barter- the trading of goods and services for other goods and services directly: the five standards of useful money are, portability, divisibility, stability, durability, uniqueness.
