Banking - canada.ca

Banking - canada.ca

Banking Agenda Start time: ____ Break time: ____ (10 minutes) End time: ____ Please set phones to silent ring and answer outside of the room. Banking This module covers:

The basic services that financial institutions offer How to choose the type of banking account you need What your rights and responsibilities are when using a financial institution How to keep your accounts safe

What to do if you think someone may be using your account illegally Basic banking Basic banking This section covers:

Basic banking services, such as deposits and card services How the deposit insurance system keeps your deposits safe How to use banking services for your everyday needs Banking services Banks, credit unions, caisses populaires and trust companies offer:

Deposit services Card services Loans And other services Deposit insurance

Protects depositors if insured institution cannot return deposits. Different deposit insurance systems: o One for institutions regulated by federal government o Others for institutions regulated by province or territory Check which insurance system applies to your deposit and what the insurance limits are.

Ways to do your banking Financial institutions offer you many different ways to do your banking, these are: In person By phone By Internet or mobile device By automated teller machine By debit card reader (point-of-sale terminal or POS) Banking for your future

Consider automatic transfers to your savings account. This helps you: Save for emergencies Prepare for big expenses Start on long-term savings and investments Summary of key messages

Deposit institutions include banks, credit unions, caisses populaires and trust companies They help you manage your money and keep it safe Main services include deposits, debit card services and loans Services are available:

o In person o Online by phone or mobile o Through automated teller machines Banking accounts and packages Banking accounts and packages This section covers:

The main features of chequing and savings accounts The interest paid and how it affects your savings The account fees youll pay and how to reduce them How to read your account statement Savings accounts

Pay higher rate of interest May not offer debit card or chequing May have fees on basic transactions May have limit on number of free transactions May require one or more days to transfer money

Best for money you wont need for day-to-day expenses Chequing accounts

Pay lower interest, or none at all Include debit cards and chequing May offer basic services at no fee Usually allow more free transactions Minimize delay for withdrawals, transfers and cheques May offer special rates for certain groups Best for day-to-day banking

Banking tools Interest Interest paid on your accounts adds to your savings. Savings accounts normally pay compound interest: Interest on interest previously paid into your account Some investments pay simple interest: Interest is calculated on the original amount only Account statement

Manage your fees Manage your account fees to reduce your banking costs.

Watch how many transactions you make Use the cheapest method to do your banking Get only the records you really need Watch your account balance Ask for special fees based on your age or minimum balance Negotiate for lower fees Summary of key messages

Pick a convenient location Get only the services you need Pick the account with the lowest fees for the services you need Compare rates before you open an account Check your account statements every month

Alternative financial arrangements Alternative financial arrangements Alternative financial arrangements include: Payday loans

Cheque-cashing services Finance companies Unregistered services in ethnic communities Risks of alternative financial arrangements They are not regulated like banks

They offer less security They often charge higher fees Read about Payday loans Your rights and responsibilities Your rights and responsibilities This section covers:

Your rights when you use a regulated financial institution The responsibilities you have to keep your account secure How to make a complaint about a financial institution Consumer rights

Right to open an account when you present the correct ID in person Many banking institutions offer a basic chequing account for $4/month Right to information about your account in writing Right to cash government cheques for free Your responsibilities

Read and understand account agreement Check your account statement regularly Report anything you think is not right Keep your account documents, passwords and PINs secure The debit card code

A voluntary code that protects you when you use debit card services in Canada. You must: Choose a PIN that is hard to guess Keep your PIN secure Check your account statements Report problems to your financial institution For full details, go to the Financial Consumer Agency of Canadas information on the Canadian Code of Practice for Consumer Debit Card Services. Making complaints

Financial institutions must have a way for customers to make complaints. Step 1: Discuss problems with local branch Step 2: Ask for review by senior bank official Step 3: Ask for review by an independent official Contact federal, provincial or territorial regulator

For more information, contact FCAC. Summary of key messages You have rights at your financial institution

You can complain if your rights are not honoured Independent officers can help Banking and fraud Banking and fraud This section covers:

How debit card fraud happens How to protect yourself from debit card fraud What to do if you are a victim of debit card fraud Debit card fraud Debit card fraud can happen with:

An altered card reader or ATM A thief who watches you enter your PIN A separate card reader A stranger who steals your card and PIN Protect yourself from debit card fraud Debit card tips:

Choose a PIN thats hard to guess Hide your PIN and dont share it Keep your debit card in a safe place Dont lend your card

Swipe your card yourself (or watch it) Notify the card issuer if: o Your card stops working o Your statement shows a purchase you didnt make o Your statement does not show a purchase you did make If you are a victim of fraud If your card or PIN has been stolen or compromised:

Contact the company that issued the card Contact your local police Contact Canadas credit bureaus: o Equifax Canada (www.equifax.ca) o TransUnion Canada (www.transunion.ca) For more information, go to FCAC's page on Debit card fraud.

Summary of key messages Stay alert to fraud, it can happen to you Keep card, PIN and other information secure and confidential If you become a victim, tell the company that issued the card and the police

Summary of key messages

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