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Money and Financial Information

Page history last edited by Pierre Cenerelli 14 years, 7 months ago

FrontPage

Banking

It is best to open a bank account with a large-scale bank soon after ariving in Vancouver to help you access cheques, a credit card, or a line of credit.

 

Here are a few things to consider when looking for a bank:

1.  What fees will the bank charge?

Some banks offer services for free; others may need you to leave a certain amount of money  in your account to get free services, or will provide you with a limited number of free transactions per month.  Still others will charge you for services.  Read the "fine print" carefully - and don't be affraid to ask questions, banks often will offer promotions to new customers, especially to students.  The fees you should consider are:

  • Monthly Fees - charged for having an active account with the bank
  • Cheques - charged for requesting a batch of cheques
  • ABM/ATM access - charged for using the automatic banking/teller machine*
  • Interact transactions - charged for using your bank card to pay for items at a store
  • Overdraft - charged if you withdraw more money than you have in your account, or, if you go below the minimum amount of funds you are supposed to leave in your account.

*If you use an ABM that is not operated by your own bank, you may be charged extra by both your bank and the bank which runs this ABM.  The same may apply for any "grey" machines which are operated by a private business.

 

2.  What locations are convenient for me?

At Simon Fraser University, Scotiabank  operates a full-service branch at the Univercity Cornerstone building.  There are also Scotiabank ABM in the Maggie Benson Centre.  You may want to look at what banks are located near your home, or, which have hours that match your needs best (some banks, like TD, are open late in the evenings or on weekends - note that each branch may have different hours).

 

3.  What services will I need?

If you simply need a chequing account and an ABM card, you might be happy with a "virtual" bank like President's Choice Financial or ING.  However, if you need more complicated services, like financial planning advice or a safe deposit box, you will want a bank with physical locations.  Think ahead about future needs as banks will charge you for transfering or closing accounts.

 

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