1 / 10

Banking in Canada

Banking in Canada. What is a Bank?. A bank is a financial institution where you can deposit your money. http://www.careonecredit.com/knowledge/Article.aspx?article=204. Other Services of a Bank …. Chequing/ savings accounts Electronic banking services Loans Credit cards Mortgages

ozzy
Download Presentation

Banking in Canada

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Banking in Canada

  2. What is a Bank? A bank is a financial institution where you can deposit your money. http://www.careonecredit.com/knowledge/Article.aspx?article=204

  3. Other Services of a Bank … • Chequing/ savings accounts • Electronic banking services • Loans • Credit cards • Mortgages • Investments (and advisors) • Travel and other types of insurances • Retirement savings plans • Small business or corporate loans • Student banking services • Safe deposit boxes and more …..

  4. Why do we have Different Types of Banks in Canada? Credit Unions Chartered Banks Federally regulated Much larger Shareholders (they want to make a profit!) National and international exposure Insured at a federal level • Provincially regulated • Owned by members • Specific to a geographic area or group of people • Insured at provincial level

  5. Banks You May Recognize … The Big Five

  6. And More … • 20 domestic banks • 29 foreign bank branches What does branch mean? A retail location where a bank or credit union does face to face business

  7. So Why Do People Bank? • Variety of services • Expertise • Need for credit • Convenience • Safety (????)

  8. How is Your Money Safe? Canada Deposit Insurance Corporation (CDIC) is NOT a bank. is NOT a private insurance company. insure savings if they are at one of the member institutions of the CDIC only certain types of savings are insured . limit of $100,000 per approved account type • a federal Crown corporation created by Parliament. • helps keep Canada’s financial system strong. • insures Canadians’ savings in case their bank or other CDIC member institution fails or goes bankrupt.

  9. What Do You Need to Do to Open A Bank Account? Proper ID is essential!

More Related