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Banking
Banking
Banking module
Trainer’s introduction
Banking institutions, including banks, trust companies, credit unions and caisses populaires, are
essential tools for managing personal finances, yet many people do not know how to use them
effectively and at least cost.
The mini-module covers the basics of how banking institutions work for those who are not
familiar with Canadian banking institutions. The second covers ways to select the banking
services that participants need and how to minimize the cost of banking services. Mini-modules
3, 4 and 5 cover how to avoid fraud and other problems related to banking services.
Learning objectives
After completing the module, learners will be able to:
• Describe the basic services offered by banks, trust companies, credit unions and caisses
populaires, including deposit services, card services and loans
• Explain the differences between chequing accounts, savings accounts and term
deposits, and when to use each of them
• Read an account statement to identify any errors or unauthorized transactions
• Explain how to correct any errors or unauthorized transactions
• Describe what deposit insurance covers and what it does not
• Compare savings resulting from different simple and compound interest rates
• Apply the Rule of 72 to estimate the doubling time for an investment
• Describe the fees typically charged for banking services and strategies to reduce or
minimize the fees
• Describe the rights of access to basic banking
Materials/equipment required
• Copies of selected mini-modules or activities for participants
• PowerPoint file: Banking
• PowerPoint projector and screen
• Internet connection (if using)
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Time required
To do all the activities in this To complete the module in
module would require one hour, focus on:
approximately:
Introduction • 10 minutes • Activity 1
1: Basic banking • 20 minutes • Slides 6 to 7
2: Banking accounts and • 30 minutes • Slides 13 to 14
packages • Activity 4
• Activity 6
3: Alternative financial • 10 minutes
arrangements
4: Your rights and • 20 minutes • Slides 23 to 25
responsibilities
5: Banking and fraud • 20 minutes • Slides 32 to 34
Action plan • 5 minutes • Activity 11
Select the slides you will need for your presentation. You will not need all the slides if you don’t
plan to cover all the topics.
Introduction
Customize the agenda as needed. Introduce the workshop topic and outline the contents.
Banking
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Slide 2: Agenda
Agenda
Start time: ______
Break time: ______(10 minutes)
End time: ______
Please set phones to silent ring and answer outside of the room
Slide 3: Banking
Basic banking
Overview
Banking services
• In person
• By phone
• By desktop Internet or mobile device
• By automated teller machine
• By debit card reader (point-of-sale terminal or POS)
o Answer: If you are paying interest on debt, even at a low rate, it is usually
better to pay off the debt first. The return on a savings account will not likely
be better than that from avoiding interest payments on debt, especially when
taxes are considered.
• Deposit institutions include banks, credit unions, caisses populaires and trust
companies
• They help you manage your money and keep it safe
• Main services include deposits, debit card services and loans
• Services are available:
o In person
o Online by phone or mobile
o Through automated teller machines
Overview
Advise participants to check their account statements at least every month to check for
errors or any fraudulent transactions.
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What points in the video do you agree with? What points in the video do you disagree
with?
If you had to summarize the video for a friend, what would you say were the most important
points?
• Payday loans
• Cheque-cashing services
• Finance companies
• Unregistered services in ethnic communities
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A voluntary code that protects you when you use debit card services in Canada
You must:
• Choose a PIN that is hard to guess
• Keep your PIN secure
• Check your account statements
• Report problems to your financial institution
Tip:
If you have time, show the video from the Fraud module, Debit and credit card fraud, or have
participants view it on the Your Financial Toolkit website.
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Action plan