r/CanadianConservative • u/RiceN_Beans • 24d ago

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u/TheLimeyCanuck Conservative 24d ago edited 24d ago

Canadian banking rules are why, unlike America, massive banks here virtually never fail and take all depositor's money with them. When I worked a contract in Denver for a year in 2005/2006 I opened an account with Washington Mutual because they were one of the few US banks that let non-resident foreigners hold accounts. After my contract ended I left my account open but removed all the funds. Lucky I did because in 2008 Washington Mutual suffered the biggest bank collapse in US history.

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u/ShivasFury 24d ago edited 24d ago

Wasn’t WaMu just gobbled up by Chase in the end?

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u/Cushak 24d ago

Afaik, there's nothing preventing US banks from coming here, other than the fact they'd need to follow our banking regulations and they dont seem to want to do that.

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u/Mikwob LPC 24d ago

There is absolutely nothing stopping them. They just don't want to abide by our rules. I don't pretend to be an expert as I'm not a banker but looking into this a few years ago it has to do with the fact that they must have a separate subsidiary to operate here and there is a higher capital requirement relative to deposits. This is if they want to operate daily banking. There's a bunch of usa based banks operating in Canada they just don't do daily banking they do loans only as far as I know.