1. Banking Money Management
Save Money!
Oink!

2. How to Choose a Bank Parents go there/like it Friends recommend
Packages/Deals
Best student rates
Hours of service
“The Big Five”

3. The “BIG FIVE” -April ‘09 Name Headquarters Deposits Capitalization
Royal Bank
(RBC)
Toronto/ Montreal
$423 Billion
$58 Billion
Toronto Dominion (TD)
Toronto
$402 Billion
$40 Billion
Bank of Nova Scotia (Scotiabank)
Toronto/Halifax
$346 Billion
$34 Billion
Bank of Montreal (BMO)
Toronto/Montreal
$265 Billion
$21 Billion
Canadian Imperial Bank of Commerce (CIBC)
$226 Billion
$20 Billion

4. Why Do You Need a Bank? Safety/Security Interest Accessibility
Services (Cheques, cashing cheques, money orders
To build credit rating

5. What can the bank do for me?
Chequing Account
You can write cheques (rent, mail people money)
You can access money easily with a bank card
Somewhere to deposit your pay cheque
What happens to a cheque?

6. The process of a cheque Someone gives you a cheque
If it is Non Sufficient Funds (NSF), both writer and casher are charged fees
It comes out of their account (if possible)
It goes to the processing center of the cheque writer’s bank
Your bank puts it into your account and sends it to their processing center
You take it to your bank
Someone gives you a cheque

7. More About Cheques Non Sufficient Funds (NSF) Cheques
If you write a bad cheque, expect it to cost you about $40 and will stay on your record for a couple years
Cheques cost $ (about $0.50 each)
Certify a cheque
A process that you have to go through if you want instant access to the funds of a cheque
Also may be requested from you to make sure your cheque is good
Stop a cheque
If you decide that you don`t want to honour your cheque, you can put a stop on it (with a good reason and about $10 bucks for the fee)

8. Savings Account
Different than chequing account, used to build account balance
Chequing more for day to day
Typically only for limited transactions
Ex 2 free transactions per month
Interest rate (% you earn for keeping your money in the bank) is higher than a chequing account
Guaranteed growth (security)
Tax Free Savings Account – will not tax you on interest earned (minimum and maximum amounts)

9. ATM`s
Know your limit, everyone has one (based on what your bank feels comfortable with giving you)
Limits may be different for cash or interact
Beware of other bank`s ATMs
STAY AWAY from the privately owned ATMs
Know your banking package (how many debits a month)

10. Travelling Call your bank, they could block your card
Beware of fees that may be associated with overseas ATM`s
Realize how these currencies are converted
Match up the symbols

11. Banking and Convenience
Online Banking
Probably the best invention ever! Can do banking anytime, anywhere over a secure site
Easy to use and accessible
Records are kept electronically
Many options accessible
Phone banking
Good if you are away- can check things on the go but can be annoying or time consuming
Going into the branch
Good if you need to talk to someone, cash a cheque, book an appointment, certify a cheque, etc.

12. Tips to Remember Shop around to find the best bank for you!!!
If you write a cheque, make sure you have money to cover it. On the flip side, only take cheques from people you trust
Beware of hidden costs of ATM`s
Always protect your PIN- there are many scams out there (skimming)
Don`t be afraid to try online banking- it`s easy and free!