Up to a limit. In Canada all depositors are insured up to a max of $250,000 per instittuion.  Still, imagine the fuckery if ALL the citizens suddenly are making insurance claims against a government run insurance corporation. Also..  Do you have any official, printed paper from your bank saying how much money they hold for you?  Or do you get electronic statements?  How do you prove to t  7ff9  he bank they held your money if there is a massive "hack" and all digital records get "lost" ?