Bank Accounts
A bank account entitles you to hold your money at a bank to manage and access your funds with a higher level of security and convenience than you would have carrying your own cash. Once you open a bank account, you are issued an exclusive account number which represents your account at that bank.
Bank accounts allow you to deposit income, pay your bills or save money for a rainy day. The convenience of having a bank account enables you to make cash withdrawals or pay for goods and services using a debit card, credit card or cheque. Most banks issue a card that you can use at an automated banking machine or ABM to withdraw cash. Usually, your bank’s debit card will allow you to withdraw cash at any ABM for a small fee, but more often than not, the transaction is cheaper or free if you withdraw cash at an ABM affiliated with your bank.
Spotlight on Bank Accounts
An Introduction to Canada’s Banking System
This video offers basic information about the Canadian banking system, encouraging people to use the large national banks regulated by legislation and sure to handle money in a safe manner. The video also explains the use of credit cards and cash machines, and warns against poor debt management a... Continue Reading »
An Introduction to Canada’s Banking System
This video offers basic information about the Canadian banking system, encouraging people to use the large national banks regulated by legislation and sure to handle money in a safe manner. The video al...
Transferring Money from One Bank Account to Another
Transferring money from one bank account to another can be a quick way to get funds to someone or a convenient tool to ensure you have enough money in one account to cover an expense if you have multipl...
Getting Credit and a Bank Account if You Move to Canada
For immigrants moving to Canada, there can be a lot to learn in the months before and after their move, and making excellent financial decisions can be critical. In this video by Info4yourLife, learn ways ...Tips to Protect Your Bank Account
When it comes to security, people often forget about guarding their bank account. With all of your income going through the account, you might believe that as long as the money is in an account, it is s...