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By the end of this Google Slides Search
I will be able to identify different types of banks, and bank accounts
I will be able to identify differences between different banks in Canada
I will be able to better understand key definitions of financial literacy
Make your own copy.
Follow the steps to answer the questions - once complete submit it onto Brightspace →
Assignments → Bank Accounts & Debit Cards: Google Slides Search.
1.
What are 3 things you should consider when choosing a bank account? 3 marks→
Slide 2
·
FEES
·
LOCATION TO YOU
·
INTEREST RATES
2.
What are the big 6 banks in Canada?6 marks → Slide 3
·
RBC
·
SCOTIABANK
·
NATIONAL BANK OF CANADA
·
CIBC
·
TD CANADA TRUST
·
BANK OF MONTEAL
3.
What is so special about a chequing account? 2 marks
You can withdraw money from a checking account at any moment
without incurring fees. You may do your shopping, pay your bills, and
have your paycheck automatically deposited into your account. typically
pay little to no interest on deposits
4. How much can you deposit for it to be protected by CDIC Insurance. 1 mark
Any amount up to 100,000 can be deposit and be protected by CDIC
insurance
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5.
What is CDIC insurance? 2 marks
CDIC is the Canadian deposit insurance corporation it provides insurance
to depositors in Canadian banks and savings institutions. Incase of bank
failure
6. Follow the website link on slide 5 and complete the chart below: 12 marks
Bank
Type of Organization
Credit Union
PRIVATE CORPORATION
NON FOR PROFIT
SHARE HOLDERS
MEMBERS
NONE
BUY A SHARE AND SOME
MINOR REQUIERMENTS
Savings Account
Interest Rate
LOWER
HIGHER
Credit Product
Selection
WIDER
NARROWER
HIGHER
LOWER
Responsibility To
Applicant
Requirements
Account Fees
Write a Cheque
7.
On slide 8 go to the website linked on how to write a cheque. Take a screenshot after
you complete the cheque; and add the photo into this document for assessment. 1
mark for the screen shot + 6 marks for correct info inputted into check = 7 marks
The website is offline �
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Glossary Terms
8. From slide 10-13 pick 4 definitions and define them below. 8 marks
Term
Definition
INTREST RATE
Is the amount the lender charges
the barrower and is a percentage
of the amount loaned
WITHDRAW
Is to take money out of your
account
OVERDRAFT
You have taken out more money
then available in your account
NFS
Non-sufficient funds in your
account for the transaction
Where should I open a Bank Account?Use Slide 15-17 to follow the steps. On slide 17
you will see the following instructions:
1.
Using the search results from the exercise in the 2 previous slides, 9 marks
a. choose ONE account from ONE of Canada’s Big 6 Banks and click “view
details”. Record the information in the table below
b. Choose ONE account from ANY other bank and follow the same steps
c. Choose ONE Credit Union and follow the same steps
A) First account choice
Type of bank account/plan:
Basic bank account
Name of Bank:
Scotiabank
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Important Information:
3.95 monthly fee with 12
transactions
B) Second account choice
Type of bank account/plan:
Chequing student plan
Name of Bank:
Alterna bank
Important Information:
0 monthly fees
Unlimited transactions
C) Credit Union
Type of bank account/plan:
Go free checking account
Name of Bank:
Libro credit union
Important Information:
Unlimited transactions 0 fees