MCS 2100 Chapter Notes - Chapter 4: Non-Bank Financial Institution, Hsbc Bank Canada, Guaranteed Investment Certificate
19 Mar 2015
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Document Summary
Chapter 4: the banking services of financial institutions. 53 banks, 55 trust and loan companies, 2440 credit unions and caisses popularizes. Savings: safe storage of funds for future use, time deposits include money in savings accounts and investment certificates, selection of a savings plan is commonly based on the interest rate earned, liquidity, safety and convenience. Payment services: ability to transfer money to other parties, demand deposits chequing accounts and other payment methods. Borrowing: short-term accounts (ie. credit cards and cash loans, long-term borrowing (ie. home mortgage) Investments and money the in trust are managed by a bank, and the necessary amounts go to the children for their educational expenses. Electronic banking services: several million canadians bank or pay bills online. Direct deposit and money: earnings automatically deposited into chequing or savings accounts saves time, effort, provincial and federal government cheques are going to contractors and to cpp, old age.
