1933 Royal Commission on Banking and Currency in Canada (Macmillan Commission)
Banking in Canada
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Transcript of Banking in Canada
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Banking in Canada
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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
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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 …..
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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
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Banks You May Recognize … TheBig Five
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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
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So Why Do People Bank?
•Variety of services•Expertise•Need for credit•Convenience•Safety (????)
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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
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What Do You Need to Do to Open A Bank Account?
Proper ID is essential!