Interest, Deposit, and Withdrawal Concepts

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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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