Banking ENG

There are five major banks in Canada (CIBC, TD, RBC, BMO, Scotiabank), all of which have multiple branches in the Kitchener Waterloo region. CIBC in particular has a branch on the lower level of the SLC and ATMs throughout the campus. TD has branches at University and Weber, as well as Columbia and Fischer-Hallman. Furthermore, all five banks have branches in Uptown Waterloo, on King St.

Chequing or Day-to-Day Account

This is the account you generally use to deposit cheques into, make debit transactions, pay bills, and withdraw cash. CIBC, TD, RBC and BMO offer free chequing accounts to post-students, as long as proof of enrolment is presented once every 12 months, and the number of transactions stay below 25-30, though CIBC allows for unlimited transactions. Scotiabank’s student account is free as long as you have a balance of $2000, and $1.25 per month otherwise (August 2011).

Saving and Investments

In addition to a chequing account, you may choose to open a savings account. The interest for a regular savings account is usually less than 2% per year, while the number of withdrawing transactions are very limited. Other investment options such as GIC or mutual funds are also available.

Credit Cards and Line of Credit

Credit cards are a means of borrowing money on a short-term basis (approximately one month before payment must be made), they generally have high interest rates (approximately 20%), have lower limits ($500-$5000) and affect your credit score quite severely. Line of Credit accounts are subject to much lower interest rates (6-10%), have greater limits ($5000-$500000), and require a much better credit score to obtain.

For more information, visit each banks website, or make an appointment to meet a representative in person.

Banking ENG