COMMERCE 4FP3 Lecture Notes - Lecture 4: Canada Deposit Insurance Corporation, Credit Union, Wealth Management
5 Mar 2019
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Objectives: compare the different types of financial institutions, describe the banking services offered by these institutions, explain how to select an institution, describe the savings alternatives offered by different institutions. Introduction: depository institutions: financial institutions that accept deposits and provide loans to individuals and businesses, you may only know the big 5 (td, cibc, rbc, scotia, bmo) Chartered banks: schedule 1 banks: domestic banks (rbc, scotia, cibc, schedule 2 banks: foreign banks that have subsidiaries operating in canada (hsbc, ing bank of. Trust companies: offer same services as banks but can act as a trustee in charge of corporate or individual property, stocks and bonds (e. g. manulife) Credit union/caisses populaires: user owned, non profit, becoming more popular as fees are cheaper and returns are higher (e. g. first ontario) Non-depository institutions: finance and lease companies: specialize in providing personal loans or leases to individuals (e. g. toyota lease company, mortgage companies: specialize in providing mortgage loans to individuals.
