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Thread: Home Capital Group (HCG)

  1. #231
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    Quote Originally Posted by sags View Post
    She remembers when she had money in Canada Trust and they were in trouble. She had to wait to get it out.
    Right. CDIC will protect insured deposits (provided they are insurable, within limits, in CAD) but there can be delays getting the money. This is one reason that creditworthiness of the borrowing bank still matters.

    I doubt a giant bank would be quick to buy HCG. Virtually all the company's assets are totally illiquid, Level 3 assets on the balance sheet with no clear valuation. You don't buy something you can't value and HCG cannot be valued accurately by anyone.

    The only possible reason I could see for a bank to buy HCG is if they are counterparty to the firm on some derivatives and want to buy the firm to protect themselves, even though it means taking a steep loss.


  2. #232
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    Quote Originally Posted by sags View Post

    She remembers when she had money in Canada Trust and they were in trouble. She had to wait to get it out.

    Toronto Dominion Bank took them over............hence TD Canada Trust bank.
    Are you sure this is correct? My impression was CT had been doing very well under Ed Clark, he sort of took over TD, becoming TDCT CEO.

  3. #233
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    Quote Originally Posted by sags View Post
    She remembers when she had money in Canada Trust and they were in trouble. She had to wait to get it out.
    That doesn't ring a bell at all with me. I banked with CT (now TD) since the late seventies and I cannot recall any point where they were in even the smallest whiff of trouble. As a customer, the customer service certainly took a major hit during/after the TD takeover, but as an institution I do not believe they were anything other than wholly and entirely sound and profitable.

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  5. #234
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    Generally I'd like to know how it's working. Can Oaken/Home trust declare bankruptcy on the spot...let's say May 1 and I won't be able totake out money from there?

  6. #235
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    ^ If you're uncomfortable with the thought of Oaken/Home Trust closing doors soon, then consider taking your money out then. But if you're stuck with a fixed GIC term, then you would have no choice but to get in inline like every other depositor.
    Everyone should be respected as an individual, but no one idolized.-A. Einstein

  7. #236
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    Quote Originally Posted by sags View Post
    I guess this would qualify as a historic "run on the bank"............from $2 billion savings account deposits to $814 million.
    My wife has a small amount in GICs there. She remembers when she had money in Canada Trust and they were in trouble. She had to wait to get it out. ...
    When was this?

    I only became a TD bank customer because of the buyout when British American Tobacco decided to take Imasco private. BAT had no interest in banking assets, had long standing offers made to Imasco for CT Financial from CIBC but accepted the TD offer instead.

    I can recall some hiccups for the integration process but never had an issue getting to my money or any reports of financial distress.


    Cheers
    Last edited by Eclectic12; 2017-04-27 at 02:21 PM.

  8. #237
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    Quote Originally Posted by gibor365 View Post
    Generally I'd like to know how it's working. Can Oaken/Home trust declare bankruptcy on the spot...let's say May 1 and I won't be able totake out money from there?
    Highly doubtful a company fold and shut down everything on the spot. I'd be surprised if they didn't give shareholders or anyone who bank with them advance warning. Maybe you (or someone) should contact CDIC and ask what their process is and how soon deposit holders get their payments back if HCG were to go under.

  9. #238
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    Quote Originally Posted by Parkuser View Post
    Are you sure this is correct?
    My impression was CT had been doing very well under Ed Clark, he sort of took over TD, becoming TDCT CEO.
    I am wondering if it was restriction on the investment or a glitch in the integration.

    As a CT customer with money on deposit, I had no issues and don't recall any concerns (beyond consolidation, fears that CT would end up with Big 5 banker's hours instead of the extended hours people had chosen them for etc.).


    Cheers

  10. #239
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    Maybe you (or someone) should contact CDIC and ask what their process is and how soon deposit holders get their payments back if HCG were to go under.
    Yea, I called . The rep told me that in several days after bank failture, CDIC gonna mail checks to everyone

  11. #240
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    Quote Originally Posted by gibor365 View Post
    Yea, I called . The rep told me that in several days after bank failture, CDIC gonna mail checks to everyone
    .. so the answer of "several days" is that soon you get your money? lol.

    Everyone should be respected as an individual, but no one idolized.-A. Einstein

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