Opening Personal Bank Accounts – Know Your Rights
There are many Canadians today that are misinformed of their most basic rights to accessing banking services.
Under Canadian law, you have the right to open a personal bank account. You can open an account even if:
- You don’t have a job.
- You don’t have money to put in the account right away.
- You have been bankrupt.
- Banks and Credit Unions cannot refuse your request to open an account unless you have committed a crime, or if you show false ID.
Which is the best credit card for me? How do I find the best mortgage rates? What is the best way to protect myself from credit fraud? Canadians can now find answers to these questions on a website created by the Financial Consumer Agency of Canada. It features great tools such as mortgage calculators, tip sheets and resource links. It’s a great resource for Canadians to learn about financial products and services offered in the marketplace.
Our very own, Brian Denysuik, President & CEO of Creditaid, visited The Financial Consumer Agency of Canada last week in Ottawa and met with Jane Rooney, Director, and Roger Dowdall, Team Leader, Consumer Education, Financial Literacy and Consumer Education. They have developed some excellent material to help inform us of so many different things when it comes to finances. If you want to see some of these tools click here.
The Wealthy Barber at Credit Education Week
The keynote speaker at the Credit Education Week Professional Day was Mr. David Chilton, Author, The Wealthy Barber.
Mr. Chilton took the stage and talked about one of the biggest challenge consumers face today – everyone is cheering for you to keep on spending! He provided numerous insights for us to consider and take action.
We want to share these with you:
- Always pay yourself first, this is the most important thing you can do.
- Keep in mind that banks never say, oh we are lending too much and should cut back. Banks make money lending so why would they stop!
- Consumers need to restrain themselves from borrowing.
- A personal line of credit is like getting hooked on drugs. Canadians treat a line of credit like a second income and forget that they need to pay it back.
- There are simply too many people carrying too much debt.
- People have maxed out their borrowing at current interest rates, when rates rise there is going to be lot of problems.
- When taking on debt for appreciating assets make sure it can and will be retired before you are.
- When borrowing make sure that your calculations are on after tax dollars, and that the payments will not impact your savings plan and the ability to have fun!
Credit Education Week Canada
Creditaid’s President & CEO, Brian Denysuik is in Toronto this week attending the Credit Education Week Canada conference to learn about the latest in Credit industry news and trends.
Here’s some highlights of the conference.
- An overview of the Financial Literacy Task Force Report.
- An address from the Ontario Assistant Deputy Minister, Education Mr. Grant Clarke.
- A fantastic speech from Mr. David Chilton, Author, The Wealthy Barber.
- A panel presentation by Laurie Campbell, Edward Gordon and Pat Foran on the Financial Literacy Task Force Report.
And some takeways from the conference presenters:
- Mr. Doug Melville, Ombudsman and CEO of OBSI spoke about Consumer Credit Pitfalls.
- Ms. Lyse Laramée, from the Financial Consumer Agency of Canada spoke about helping consumers make informed decisions.
- Ms.Terri Gibbson, Manager of Business Development for the Ontario Region at Canada Mortgage and Housing Corporation (CMHC) who spoke about making informed homeownership decisions.
- Mr. Marc LeBrun, Director General responsible for the Canada Student Loans Program spoke about support for new Canadians seeking post-secondary education.
- Ms. Janet Hunter who develops education materials for adult learners spoke about newcomers and financial literacy, one size doesn’t fit all.
How to Spend Wisely During the Holidays
Christmas is just around the corner and holiday spending may get in the way of your budget. It is important not to get carried away with gifts and décor. It may be helpful to create a holiday budget to keep you on track.
Start by setting an amount you are willing to spend this holiday season for items such as gifts and decorations. Remember, once you have your budget set – stay with it.
Holiday Budget Tips:
- Try changing it up this year, instead of having a huge party, try having a small dinner with close friends and family. This will help you scale down on spending a lot on entertainment and decorations.
- Also, on a future note, shop for gifts year round and avoid the holiday rush all throughout the winter months. In addition, search for the deals. Look through your weekly flyers for gifts and compare prices between stores.
Remember, try not to get caught up in the holiday excitement and spend like crazy. Always check back to your holiday budget and make sure you are sticking with it.