Banking Flashcards
What is an overdraft
when your account doesn’t have enough money, but the bank allows it anyway
Stale-dated cheque
a cheque that was dated more than 6 months ago
What does CDIC stand for and what does it do?
Canada Deposit Insurance Corporation, and is a Crown corporation that provides deposit insurance, and protects up to $100,000.
What is Deposit insurance
Insurance designed to limit the loss of depositors in the event of bank failure
What is a Drawee
Maker of a bill or a cheque
Give an example of a drawee
Bank (TD, RBC, BMO)
Drawer
Person using cheque
Give an example of a drawer
Cashing a pay cheque
What is the monetary policy
is the inflation-control target, and the flexible exchange rate
Line of credit
A type of loan that lets you borrow money up to a preset limit determined by your credit score.
What are bank notes
Form of legal tender made from synthetic polymer
What is the Canadian Royal mint responsible for
responsible for the production and distribution of all of Canada’s circulation coins
Where is the CRM located
Located in Ottawa and Winnipeg
What is Reconciling
Process of making sure that an individual balance in a transaction agrees with the information provided on a bank statement
What is a Credit Union
Pretty much a bank but non-profit, owned by its members
Who is the President of the Bank of Canada
Tiff Macklem
What is a PIN
The confidential electronic signature that is similar to the signature on a signature card is known by the abbreviation
What is the purpose of the bank of Canada
Helps to control the money supply and interest rates.
What is kiting?
The fraudulent writing or use of a check, bill, or receipt
What is Commission
a service fee charged by a broker or financial professional for the facilitation of a financial asset’s purchase or sale.
