Pay attention to four points when opening an account in Canadian student bank.

Types of accounts opened by commercial banks.

There are roughly two kinds of accounts opened by Canadian commercial banks: checking accounts and savings accounts. Generally speaking, there is little or no interest in auditing, but auditing is essential in life. Daily bills, telephone charges, rental fees, internet access fees, etc. You need to pay by check. So individuals should have checking accounts. Some banks stipulate the number of checks and the minimum deposit amount per month, and extra charges will be charged if the number of checks exceeds; You will also be fined if you are below the minimum deposit. Write a bad check and impose a fine of about 25 yuan at a time. Of course, the current savings accounts of individual online banks, such as Manulife Bank of Canada (website), are an exception. Not only does it bear interest (the current annual interest rate is 2.55%), but it is also calculated with daily compound interest. There is no limit to the number of times you can write checks every month, and there is no charge for using checks. This is a very popular savings product.

Deposit and withdrawal rules.

Freedom of deposit, freedom of withdrawal, nationwide networking and convenience for customers are the basic principles of bank savings business. However, it is necessary to distinguish between currencies. Dollar deposit, can not be withdrawn in advance, even if you pay liquidated damages. Canadian dollar time deposit can be withdrawn in advance, not only without interest, but also with penalty. You must pay attention to this rule when opening an account. Because, when you first arrive in a foreign country, the cost of resettling your family is very high; On the other hand, new immigrants have no basic idea about the consumption level of Canada, and they don't know how much they spend a month. Therefore, it is recommended to make an irregular deposit when opening an account, and then make arrangements after getting used to it for a while.

charging standards

Canadian commercial banks have high service standards, well-trained employees and orderly management, but all banks implement paid services, charging monthly (3-5 yuan) or according to service items and times. Some banks stipulate extra charges for exceeding the number of services; Every time you write an extra check, you have to charge 5 yuan money. Of course, VIP customers (large households) enjoy special discounts, and it is also possible to waive the monthly fee and cheque issuing fee. After completing the account opening procedure, the bank will immediately issue a temporary bank card, and the customer will receive a formal bank card in about two weeks. 4. Credit card. Credit card is an important consumption voucher and credit voucher. With a credit card, you can spend money at any trading place. For new immigrants, some banks are reluctant to risk issuing credit cards because they have no work or credit history in Canada. Some banks need to pay a deposit, such as 1000 yuan. Credit cards are paid monthly. If the repayment period is exceeded, the credit card company will default interest and accumulate it on a daily basis. Not only that, personal credit has a bad record since then. I know a new immigrant who returned home a few months after landing. Due to the failure to pay the credit card bill in time, it was recorded as "bad credit" by the credit reporting agency. At the time of mortgage, all banks refused to lend him money, which caused great inconvenience to his life. Therefore, new immigrants must abide by the credit card rules and settle their accounts on time.

Credit cards should comply with the regulations and be settled on schedule.

Credit card is a kind of voucher, which represents a person's consumption and credit. In Canada, credit cards can be used anywhere. However, the credit of foreign students who have just arrived in Canada has not been established. Some banks dare not risk issuing credit cards, and some need to pay a deposit. It should be noted that the use of credit cards requires monthly settlement. Late payment will be deducted and credit will be reduced.