FL10.3

Compare products and services provided by various financial institutions.

Indicators for this outcome
(a) Compare various types of financial institutions (e.g., virtual banks, traditional banks, credit unions, alternative lenders).
(b) Identify Indigenous financial institutions and others responsive to various cultures in Canada.
(c) Compare youth, student and adult bank accounts.
(d)

Compare common financial services or products, such as:

  • chequing and savings accounts;
  • debit and credit cards;
  • telephone banking;
  • mobile and online banking;
  • Automated Teller Machine (ATM) banking; and,
  • digital wallets.
(e)

Compare the costs of financial transactions and services, such as:

  • account maintenance (e.g., monthly account fees, minimum balance fees);
  • transaction-related fees (e.g., debit purchases, vending machine purchases, transfers, Interac e-Transfers, stop payments);
  • statements and recordkeeping (e.g., paper statements);
  • ATM fees (e.g., bank ATM, non-bank ATM, debit card, credit card [cash advance]); and,
  • penalty fees (e.g., Non-Sufficient Funds [NSF], overdraft).
(f) Describe the process and requirements, including personal identification required (e.g., birth certificate, Social Insurance Number [SIN]) for applying for an account at a financial institution.
(g) Explain how to obtain direct deposit information from your financial institution.
(h) Explore how financial advice is provided, including the perspective of the advisor and the intent behind the advice.
(i)

Explore sources for obtaining financial advice, such as:

  • financial institutions;
  • investment advisors;
  • robo advisors;
  • social media;
  • friends/family;
  • online investment platforms;
  • financial books;
  • seminars and workshops;
  • online forums/communities;
  • financial news media;
  • government sources; and,
  • independent research.
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