COMMERCE 4FP3 Lecture Notes - Lecture 4: Financial Institution, Canadian Imperial Bank Of Commerce, Mutual Fund

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Chapter 4: Banking Services
Goals:
- Compare types of financial institutions
- Understand banking services
- Explain how to choose a financial institution
- Describe how to choose a savings alternative
What is a banking institution in Canada?
- Financial institutions that accept deposits and provide loans to individuals & businesses
- In Canada there are over 3000 companies
- The Big Five:
- TD
- RBC
- CIBC
- Scotiabank
- BMO
- Non-depository institutions: these provide some financial services, but are not insured or
regulated by the federal deposit corporation
- Ex. finance and lease companies, investment dealers, mortgage companies, insurance
companies, mutual fund companies, cash chequing outlets, payday loan companies
and pawn shops
3 Scheduled Banks:
- Schedule I: Domestic Banks (ex. The Big 5)
- Schedule II: Foreign banks with subsidiaries operating in Canada (ex. ING Bank of
Canada, which is now owned by Scotiabank and called Tangerine)
- Schedule III: Subsidiaries of foreign banks that are restricted in their authority to accept
deposits (ex. City Bank)
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