Quote:
Originally Posted by RuthB
We are incorporated in Canada and we bank with the Bank of Montreal. All funds in clients current 'ewallet' accounts will be insured through the bank, providing security and protection to our customers.
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In the US, FDIC only insures $100k per account (I think they temporarily bumped it to 250k when they had the financial crisis and it may still be there). Are you saying that the Canadian government guarantees every single dollar in every bank account?
I find it hard to believe that there is not some kind of cap. So if Paxum ends up with $50 million in wallet spread out over one or more accounts, all $50 million will be insured?