Banking in Canada

What is a Bank? A bank is a financial institution where you can deposit your money.

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 …..

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

Banks You May Recognize … The Big Five

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

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

How is Your Money Safe? Canada Deposit Insurance Corporation (CDIC) 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. 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

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