10 Questions
Which type of banks in Canada are Canadian-owned and must accept deposits?
Schedule I banks
What distinguishes Schedule II banks from Schedule I banks in Canada?
They have business in Canada but are foreign-owned
What type of accounts are used for everyday spending and have little to no interest?
Checking accounts
What number is linked to your bank account and usually consists of 7-12 digits?
Account number
What do creditors check to determine if you are a good person to lend money to?
Your credit score and debt record
What happens if you take out a loan?
You have to pay back the loan and the interest
What do banks need to have from the federal government?
License
What does a liability mean?
It means you owe debt or interest
What is an ATM used for?
To withdraw money by entering your PIN
What happens if you don't have enough money in your account while writing a check?
You get a fee and the check won't be given to the person
Learn about interest, depositing, and withdrawing money in the banking system. Understand how interest works when you borrow or save money, and the difference between depositing and withdrawing funds.
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