Friday December 6th, 2013
Go to a bank or credit union to open a bank account.
Keep all passwords and PINs (Personal Identification Number) secret.
You may want to get an ATM (Debit) Card and/or a Credit Card. (see below).
Banks and Credit Unions offer similar services:
Banks charge for most services including using your cheques and debit cards. You can compare fees and change banks if you want.
Credit Unions are owned locally through the purchase of shares when you open an account (usually $5). Members may get money back at the end of the year.
Chequing accounts are used for paying bills like rent, insurance, utilities, and so on. You can pay bills with cheques or money orders or internet banking. You can set up automatic payment of some bills. If your account does not have enough money to cover a cheque, you may be charged a NSF(non-sufficient funds) charge of $25-40.
Saving accounts hold money that you do not want to spend right away. Interest is paid on the money in a savings account. It can be paid on a daily, weekly, or monthly basis. You can withdraw this money at any time.
Banks have other ways to save money such as Canada Savings Bonds or Guaranteed Investment Certificates (GICs). They pay more interest but are more difficult to withdraw because the money is held by the bank for a fixed period of time.
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