Canadian Finances Assignment
1. Visit the following link below to CIBC Bank.
https://www.cibc.com/ca/personal.html
Questions:
1. What are the main 6 services provided by the bank? List them and include a summary sentence for each service.
2. Do students require an income minimum for the credit card?
3. What is the interest rate on purchases of the student card?
4. What is the interest on cash advances of the student card?
5. What is one way to finance your education at CIBC? Here is the link:https://www.cibc.com/ca/loans/paying-tuition.html.
6. Try the Education Loan calculator for a loan amount of $5000 with a 6% interest rate. Click the button on the right that says After School.
How much interest would you pay if it took you 1 year, 3 years or 5 years to pay off the loan? What do you think is a reasonable amount of time to pay off an account.
Bank Account Tyes:
We are interest in exploring chequing accounts, savings accounts, and tax free savings accounts.
1. When would you be eligible for the student chequing account?
What are 3 features of a Student bank account?
https://www.cibc.com/ca/chequing-savings/advantage-for-students.html
2. Under the Rates and Fees Tab, list all the services provided to you with a chequing account.
https://www.cibc.com/ca/chequing-savings/advantage-for-students.html
3. How much is it to withdraw your funds from a non CIBC account. How much in bank fees would you pay if you did this 10 times per month?
https://www.cibc.com/ca/chequing-savings/advantage-for-students.html
4. What is the interest rate on the Bonus Savings account? What is the threshold to receive the interest payments?
https://www.cibc.com/ca/chequing-savings/bonus-savings-acct.html
5. What is a Tax Free Savings Account?
https://www.cibc.com/ca/investing/tfsa.html
Debit Cards
1. Do you get debit cards with a chequing and or a savings account?
2. Are there fees associated with a debit card? What is common practice for most banks to do if you use a bank machine of another bank?
3. What are the dangers of using a debit card? How do you protect your PIN?
4. List 5 services you could use your debit card for?
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