pre-arrival webinar on banking and phones

Banking & Cell Phones

Pre-Arrival Webinar

July 11 and 13, 2016

Banking

Introduction• Banks vs. Credit Unions• Why do I need a bank account?• Types of Accounts• Transactional Information• Debit Card & Credit Card• Convenience Banking• Next: How to Setup

Banks vs. Credit UnionsBanks Credit Unions

Pros • More loan, investment, and account options

• Better accessibility • Better online banking• More robust customer

service at any time

• Member = part owner• Higher interest rates• Fewer fees• More personal customer

service• ATMs with more language

optionsCons • More maintenance fees

• Commonly profit-driven• Small size = fewer

branches and ATMs• Lower quality online

banking

Why Do I need a Bank Account?• To transfer money from your

home country• To receive money (scholarship,

pay from work, etc.)• To pay for expenses• More secure than carrying

around cash

Types of AccountsChequing Savings US Account

• Most commonly used

• All debit transactions

• Withdraw from ATM

• Pay bills online

• Send money

• Issue cheques

• Generates no interest

• Separate account for a different purpose

• Generates more interest

• For people who do a lot of transactions in US dollars

Transactional InformationCash Access Pay Bills Cheque Cashing

• In branch

• ATM

• Third party merchants

• There are limits!

• Online banking

• In branch

• Directly with the company

• Automatic pre-authorized payments

• Holding policy

* Plan big purchases in advance!

Online & Mobile Banking• Manage accounts• Pay tuition, utilities• Send money • Check transaction history• Text / app banking• Banking on the go• 24/7 access

Debit Card• Key to your banking• PIN security to identify you• Withdraw cash from ATM• Pay for purchases directly –

instant debit from account• Online/mobile banking• Limited online purchase

capability

Credit Card• Helps you establish credit history• Pre-set credit limit• Amount spent accumulates, paid off

once a month• Online purchasing• Emergency cash withdraw with

interest charges

* difficult for international students to get a credit card

Potential Fees & Charges• Withdrawing cash from other banks’ ATM• Withdrawing or debiting your Savings

account directly• Non-Sufficient Funds (NSF)• Going over monthly debit transactions

allowed• Paper statements*• Monthly maintenance fees

Next: How to Setup an Account1.Go to a branch nearby2.Bring Passport, Study Permit, Proof of Address3.Make an appointment…and that’s it!

Questions about Banks?

Cell Phones

Outline

• Cell Phones Overview• Available Plan Options• Approximate Price Ranges• How to Set-up

Cell Phones in Canada• Why so expensive?• ‘Local’ vs. ‘long-distance’ (not just about area codes!)

The Big 3 Companies Independent Providers

Contract vs. No Contract

Pros • Reduced price on the handset • Usually more options for plans available• Options for family package at reduced cost

Cons • Expensive penalty when terminating • Significant financial commitment• May not be able to change your handset

Contract vs. No ContractPros • Switch providers or stop using at any time

• Buy a phone with no obligations or costs• Prepaid – control how much you want to

spend, no surprises.

Cons • Cost per minute more expensive • Pay upfront for cellphone• Fewer plans • Prepaid – minutes expire, need to top-up

Price OverviewFree High Cost/

Max OptionsMed Cost Low Cost/

Few Options

Available Plan OptionsProvider Voice only Voice and text Voice, text

and dataEverything

Low Cost 30 cents/min (pay-as-you-go)

$20-$30 $30-$40 $40+

Med Cost prepaid / pay-as-you-go(monthly fees apply)

$25-$50 $35-$75 $75+

High Cost prepaid / pay-as-you-go(monthly fees apply)

$25-$35 $45-$80 $80+

Things to Ask at the Phone Shop Trial Period Data and Messaging Services In plan vs. unlimited minutes International Text Upgrade, Family / couple options Start of school year promotions in September SIM card transferability

Things to Ask at the Phone Shop• Bottom line – what do you finally pay?• Policies on Terminating Contracts• Hidden fees, System Access Fees• Over-usage fees• Data limits• Roaming charges

Want More Details?

Questions?