YOUTH COLLABORATION FINANCIAL LITERACY!

Opening a bank account

100

If you are under this age, you must take your parent or guardian to open a bank account.

18

200

How many pieces of ID are usually needed to open a bank account?

TWO

300

List four forms of ID that may be used to open a bank account

Canadian driver’s license • Current Canadian passport • Canadian birth certificate • Social Insurance Number (SIN) card Employee ID card • Debit card or bank card with your name and signature • Canadian credit card with your name and signature • Current foreign passport

400

Name three reasons why the bank can legally refuse to open an account for you...

You cannot show the right identification • The bank thinks you will use the account to break the law • You committed a crime against a bank in the past 7 years • The bank thinks you gave false information when applying for the account • The bank thinks that opening the account might bring harm to its customers or staff • You do not agree to let the bank do a check on you about the things above • The request was made at a branch or a point of service where the only accounts offered are those linked to another financial institution.

500

What if I have an account, and the bank makes a mistake on it? List two ways to rectify this.

1. Speak to a customer service representative at your branch. 2. Write a letter to the branch or area manager. 3. Write a letter to the bank’s internal Ombudsmen.

Savings Tools

100

This is a way of saving and investing money without having to pay tax on the money you earn from interest or investing.

What is a TFSA?

200

This is a type of investment. It means that you lend your money to a government or a corporation. They pay you interest on your loan over a period of time called a term. When the term is over, you get all of your money back.

What is a Bond?

300

This is a type of investment. You buy shares in a business that is publicly traded. This can be very risky, because you can lose all of your investment.

What are Stocks?

400

This is a way of saving on taxes while you save for retirement

What is a RRSP?

500

This is a way to save for your child’s education after high school. The government adds money to the money you save. This is called the Canada Education Savings Grant.

What is a RESP?

Banking Services

100

Service that allows your employer to deposit your pay into your account

What is Direct deposit

200

A confidential number you use to confirm who you are at a bank machine.

What is a Personal identification number (PIN)?

300

An automatic way to pay bills or

transfer funds for investments to

another account on an on-going

regular basis (usually monthly)

Pre-authorized debit

400

An arrangement you make with your

bank to move money regularly from

your chequing to savings account.

Automatic savings program

500

When the bank pays interest into the savings account after a year, and then starts paying interest on the money we put in plus the interest we earned.

What is compound interest?

My rights?!

100

TRUE OR FALSE: You must be employed to have a bank account

FALSE

200

TRUE OR FALSE: You have the right to open a bank account even if you have been bankrupt...

TRUE

300

TRUE OR FALSE: A bank can legally refuse to open an account for you if you committed a crime against a bank 7 years ago.

TRUE: bank can legally refuse to open an account for you if you committed a crime against a bank in the past 7 years

400

TRUE OR FALSE: You have the right to open a bank account, even if you don’t have money to put in the account right away

TRUE

500

Is it illegal to get paid in cash without this..

What is a pay stub?

Misc.

100

Occurs when money is withdrawn from a bank account and the available balance goes below zero.

What is Overdraft?

200

For those 18 years old and over. Employers will deduct 4.95% from your gross earnings over $3500 until you reach the maximum contribution.

What is CPP?

300

A legal process where you declare that you cannot pay back your debts

What is Bankruptcy?

400

Pooled money invested in a variety of investments managed by a professional

What are mutual funds?

500

$6,000

 The TFSA contribution limit for 2019 is...