Bank Accounts
Methods of Payment
Transferring Funds
Access Channels
Beyond Basic Banking
100
These are needed to open a Canadian Student Bank Account. ( 3 Requirements)
What are ;
1) 2 IDs ( Passport, Study Permit ) ?
2) Proof of Student Status (Confirmation of Enrollment) ?
3)Proof of address ( Phone Bill, Utility Bill, Bank Statement) ?
100
This Card is used to Access your banking information in branch, at Automated Teller Machines (ATMs) to withdraw cash & in store to make point of sale purchases.
What is your Debit Card? ( Bank Card)
100
Traditionally used to pay for monthly recurring payments (Rent, Car payments, etc) & Larger purchases ( Car, Home, ) or transfer large fund amounts to another person.
What is a Cheque, Money order, or Bank Draft?
100
The"Old School" way of completing banking transactions requiring physical face to face interaction.
What is in branch Face to Face banking?
100
The Two Credit Reporting Facilities in Canada.
What are:
1) Equifax
2) Transunion
200
These accounts sometimes called "Current Accounts" internationally should be used for your everyday expenses, rent & bill payments.
What is a Chequings account?
200
This Card allows you to make online payments directly from your student chequings account.
What is a Visa Debit Card?
200
Method of payment in Canada that allows you to send money to others with only an email address or phone number.
What is an Interac E-Transfer?
200
Electronic way of withdrawing Cash on the go in and out of the country.
What is an Automated Teller Machine (ATM) or Automated Banking Machine ? (ABM)
200
The numbered score ranging from 300 - 900, that lenders look at to determine whether they should or should not lend to you. The Number is based on the past use and payment of monthly liabilities (Gym Memberships, Credit Cards, Phone plans, etc. )
What is your Canadian Credit Score?
300
These accounts are used to hold excess funds that you do not plan to spend in the immediate month. Many people use these to budget for specific goals as these accounts generate deposit interest.
What is a Savings Account?
300
This card is used to gain long term credit history while accumulating rewards on everyday in person and online expenses.
What is a Credit Card?
300
This feature allows E-transfers to be placed into your account without the needs of security or verification questions to be answered.
What is Interac E-Transfer Auto Deposit
300
Method of accessing banking information, select transactions and access to speaking to an Advisor 24/7.
What is Telephone Banking?
300
The tool that helps you manage and track your money. This helps you understand how much is going in and how much is coming out on any Day, Week, or Month.
What is a Budget?
400
This type of account is used to generate long term financial history and assist with future borrowing needs. (Car, House,
What is a Credit Account or Credit Facility? ( Credit Card,Overdraft, Student Line of credit, OSAP )
400
This is used to identify a you in a bank branch, at the ATM or to authorize an in store purchase.
What is your "Personal Identification Number?" (PIN)
400
Traditional method of transferring money from one bank to another both domestic & internationally.
What is a Wire Transfer?
400
Method of accessing banking information 24/7 where internet is available even while outside of the country.
What is Online Banking?
400
The Two principles of Budgeting.
What are:
1) Determining your Needs Vs. you Wants
&
2) Determining what you can Spend and what you can Save
500
This type of account is meant to assist with long-term savings and growth of your funds over extended periods of time. These can hold Cash, Stocks, etc. within.
What are Investment Accounts?
(Tax Free Savings Account, Retirement Savings Plan, Registered Educations Savings plan, etc. )
500
With this you can make payments in person at stores electronically with the Tap of your phone.
What are mobile payments? ( Apple Pay / Samsung Pay/ Fitbit Pay/ Google Pay )
500
The Details required to successfully receive a wire transfer payment.
What are:
1) Your Name & Address?
2) Your Bank Account Number?
3) Your Branch Transit Number?
4)Your Branch Address & Telephone Number?
5)Bank Name (Eg. Royal Bank of Canada) ?
6)SWIFT CODE and/or IBAN Number ?
500
Newest and Easiest way to access banking information, complete payments and transactions, and open new banking products on the go and at your convenience.
What are Mobile Banking Applications?
500
This Resource can be used to help plan out and budget during your Academic Career at University of Toronto.
What is the University of Toronto Financial Planning Calculator?