Savings and Chequing

Save!  Save!  Save!  A Little Money Adds Up!

Compare Chequing Accounts

Location

Branch offices; hours of operation; availability of ABMs

Fees

Monthly fees; per cheque fees; printing of cheques; balance inquiry fees; ABM fees, internet/telephone banking fees

Other charges

Overdraft charge; stop payment fees; certified cheque fees

Interest

Rate earned; minimum deposit to earn interest; compounding method; fee charged for falling below necessary balance

Restrictions

Minimum balance; deposit insurance; holding period for deposited cheques

Special features

Direct deposit; automatic payments; overdraft protection; online banking; discounts or free chequing for students, seniors, or employees of certain companies

Electronic Banking Services

Direct deposit - earnings (or government payments) automatically deposited into bank accounts, saving time, effort, and money.

Automatic payments - utility companies, loan payments, and other businesses use an automatic payment system with bills paid through direct withdrawal from a bank account.

Automatic banking machines - allow customers to obtain cash and conduct banking transactions.

Point of sale transactions - acceptance of ABM/Interac cards at retail stores and restaurants for payment of goods and services.

Stored value cards - prepaid cards for telephone service, transit fares, laundry service, library fees, and school lunches.

Electronic cash - companies are developing electronic replicas of all existing payment systems cash, cheque, credit cards, and coins.

Cyber Banking - banking through online services. Banks with Web site “cyber” branches allow customers to check balances, pay bills, transfer funds, compare savings plans, and apply for loans on the internet.