Financial Literacy 20, 30
Course Configurations
Examine basic services typically provided by financial institutions for accessing and managing personal finances.
Indicators for this outcome
| (a) | Identify various types of financial institutions (e.g., virtual banks, bricks-and-mortar banks, credit unions, alternative lenders, international banks, insurance companies, mortgage companies and securities dealers and advisors). |
| (b) | Identify First Nations financial institutions (e.g., First Nations Bank of Canada and Indigenous credit unions) and others (e.g., Habib Canadian Bank and Bank of China--Canada) responsive to various cultures in Canada. |
| (c) | Research common financial services or products such as chequing and savings accounts, debit and credit cards, telephone banking, mobile banking, online banking and automated teller machine (ATM) banking. |
| (d) | Identify fees commonly associated with various financial services. |
| (e) | Discuss reasons why consumers are often skeptical of financial institutions’ practices and fees. |
| (f) | Explore ways to minimize financial service fees. |
| (g) | Describe the process and requirements, including personal identification required, for applying for an account at a financial institution. |
| (h) | Identify commonly used terms (e.g., service charges, interest rates, deposits, withdrawals and overdrafts) within the financial services industry. |
| (i) | Investigate how financial institutions make money, including the rate differential between lending and deposit rates. |
| (j) | Research the prevalence of payday lenders and cheque cashing centres in Saskatchewan, the services they provide and the fees typically associated with those services. |
| (k) | Discuss the advantages and disadvantages of accessing the services of payday lenders and cheque cashing centres. |
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