Who regulates the banks?
The Office of the Superintendent of Financial Institutions (OSFI) is a branch of the federal government that regulates the financial condition of all the banks operating in Canada. They also regulate...
View ArticleWhat do I need to open a bank account?
You can open a bank account in Canada if you meet the requirements that are set out in the Access to Basic Banking Services Regulations under the Bank Act. There is no minimum deposit and no proof of...
View ArticleHow can I find out if my deposits are insured?
The Canadian Deposit and Insurance Corporation (CDIC) provides a list of member institutions and the types of eligible deposits under which you would be entitled to insurance. For more detailed...
View ArticleWhy do banks charge service fees?
Fees are charged on the many bank services that help you access and manage your money. Twenty years ago, Canada’s banks did not charge service fees on basic banking transactions, although they did...
View ArticleWhere can I find a list of bank branches and ABMs?
Many bank websites contain this type of information by looking through their Branch and/or ABM locator. The Canadian Payments Association publishes a directory which lists bank branches by city or...
View ArticleI am concerned about Identity theft and other types of fraud. How can I...
As a banking customer, there are precautions you can take to protect yourself and your money. Click here to learn more.
View ArticleWhere can I find current interest rates on accounts, mortgages, term...
Interest rates for various financial products can be found in major newspapers and the following websites: Cannex Financial Exchanges Ltd. Webfin.com Most banks post current rates for their own...
View ArticleWhat is the difference between a bank, a trust company and a credit union?
The differences are mainly regulatory. Canada's banks are federally incorporated and regulated pursuant to the Bank Act. The Bank Act governs three distinct types of banks. Schedule I banks are...
View ArticleWhere can I find out about employment in the banking industry?
If you are interested in working for a bank, you should contact individual banks directly to determine available job opportunities or submit your resume to a bank's Human Resources department. The...
View ArticleI have a problem with my bank, what should I do?
Banks have a multi-step process in place to help resolve complaints or problems. Read this article to learn how to resolve your problem.
View ArticleHow do I check my credit rating?
Your credit report contains important information about your financial background that allows banks and other lenders to determine a person’s credit worthiness. Your credit report shows your history of...
View ArticleWhat are the differences between Schedule I, II and III banks?
The three types of banks can be distinguished by their ownership and size: Schedule I banks are domestic banks and are authorized under the Bank Act to accept deposits, which may be eligible for...
View ArticleHow can I find out if a financial institution is legitimate?
The Office of the Superintendent of Financial Institutions (OSFI) regulates all banks operating in Canada under the Bank Act. To verify the existence of that financial institution OSFI posts a listing...
View ArticleHow can I find out about the different types of services that banks offer?
Bank websites provide a wealth of information on the various types of financial services and bank accounts offered to consumers. You can look through the individual websites or contact the customer...
View ArticleWhat is the CBA and who are its members?
The Canadian Bankers Association works on behalf of 59 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 280,000 employees to advocate for efficient and...
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