ADMS 1000 Study Guide - Canada Trust, Scotiabank, Barter

• School: York University
• Department: Administrative Studies
• Course: ADMS 1000
• Professor: Ardeshir Noordeh

Document Summary

Canada"s financial system: deposit-takers institutions that accept funds provided by savers and lend these funds to borrowers, two categories, chartered banks. Deposit-taker, are allowed through a federal charter to sell a wide range of financial services. Rbc, td, canada trust bank, scotiabank, bmo, cibc, national bank of. May hold some funds cash reserve: near banks. Trust companies, mortgage loan companies, credit unions. Wednesday, may 21, 2014: other financial institutions, insurance companies and investment dealers. What is currency/cash: coins developed by the royal canadian mint, paper notes issued by canada"s central bank the bank of canada (bofc) Legal tender it must be accepted for all payments, by law: represents 7-8% of the total supply of money in most industrialized nations, a growing dependence of electronic money". Low interest rates: notice accounts held more so by businesses in which a notice" must be given to the bank prior to withdrawing any funds.