Banking Institutions in Canada
Today, technology and global competition are significantly altering the structure of the Canadian banking industry. There is increased competition from other established financial service providers and new foreign entrants.
New technology and the Internet are also enabling competitors to enter the market without having to invest in branches, which presents further challenges to the Canadian industry.
The Major Banks in Canada are:
In 1995, the big five banks were amongst the seven corporations with the highest profits in Canada, their profits have almost doubled since 1993, and in 1996 the Royal Bank recorded the highest profit ever by a Canadian Company ($1.43 billion).
Three of Canada's big five banks (Royal, CIBC and Bank of Montreal) are amongst the top 16 most profitable banks in the world.
The Canadian Deposit and Insurance Corporation is a federal Crown Corporation that provides deposit insurance up to a certain amount per depositor and reimburses depositors for the amount of their insured deposits when a member banking institution fails. To be eligible for insurance, deposits must be in Canadian currency and payable in Canada.
As a consumer, you do not have to apply for deposit insurance. Subject to coverage limits, eligible deposits held with a CDIC member institution are automatically insured.
A bank account provides access to a wide variety of banking services including direct deposit, pre-authorized bill payments, automated banking machines (ABMs) and direct debit purchases.
You can open a bank account in Canada if you meet the requirements that are set out in the Access to Basic Banking Services Regulations under the Bank Act.
For all information check the Requirements to Open a Bank Account
