Bank of America Canada Compared to Domestic Banks
Although founded and headquartered in the United States, Bank of America Canada offers many financial services for Canadians, including chequing accounts, savings accounts, certificates of deposit, credit cards, mortgages, refinance options, home equity and auto loans, insurance policies, retirement planning and online investing with Merrill Lynch.
Domestic Equivalents
These services are also offered by domestic Canadian banks such as the Bank of Nova Scotia (or Scotiabank), Bank of Montreal, Canadian Imperial Bank of Commerce (or CIBC), Royal Bank of Canada, the Toronto-Dominion Bank (or TD Canada Trust) and even National Bank of Canada.
Collectively, these six Canadian banks account for about 90 percent of all banking done in Canada and offer many more automatic banking machines and branches than Bank of America Canada. Bank of America Canada has attempted to counter this by partnering with Scotiabank to offer use of their ABMs with no fees.
These domestic banks also offer services such as chequing and savings accounts, mortgages, loans and credit cards, investments and insurance policies, as well as online banking and competitive interest rates. They offer the same services, options and banking requirements, but they differ from Bank of America Canada in how they are classified by the government.
Schedule I & II Banks
The above-mentioned banks are considered Schedule I, or domestic, banks. They are not subsidiaries of foreign banks, even though there may be shareholders throughout the world. The main difference between Bank of America Canada and domestic Canadian banks is that Bank of America Canada is a Schedule II bank, meaning that it is a Canadian bank that is a subsidiary of a foreign bank.
Bank of America Canada is a subsidiary of Bank of America, N.A., headquartered in Charlotte, NC. It is the largest bank, by assets, in the United States. Profits that are made by the Bank of America Canada are placed into the bank’s common fund, and these funds are distributed throughout to shareholders, business owners, executives and other workers.
Contributing to Canada
When using a Canadian owned and operated bank, you are putting your business back into your community and into national commerce. When profits are seen and made by domestic banks in Canada, the money stays in Canada and is used by Canadian shareholders, workers, executives and others. When you bank domestically, you contribute to Canada.
Additionally, many Canadian banks give back to communities throughout Canada through charitable activities and other programs. To find out more about the charitable programs of a specific Canadian bank, it is best to contact your local branch or the bank’s website for details.
DAVID DOWZER
January 30, 2010
HOW CAN I OPEN AN ONLINE ACCOUNT. THE CLOSEST BANK OF AMERICA IS IN TORONTO ONTARIO AND IS ABOUT FOUR HOUR DRIVE FOR ME
Alejandro Argueta
February 16, 2010
Please can you tell me where is the nearest branch of Bank Of America In Canada. I live in Kelowna British Columbia and I wish to open a savings account in this bank. Can I open an account online. Thanks.
A. Argueta