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Pre-authorized debits

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Terms in this set (11)

Pre-authorized debits

This service allows billers to withdraw money from your bank account when a payment is due. You may want to use this service for insurance premium payments.

This service allows you to access your accounts and make transactions on the Internet (using either a computer or a mobile device).

Deposit insurance

This service protects your savings if your financial institution fails. You don't have to apply or pay for this service. It covers savings and chequing accounts, GICs and other term deposits, and foreign currency.

These machines allow you to complete transactions without the need to see a bank teller.

A card that you can use to pay for goods and services, or withdraw money, directly from your bank account.

Telephone banking

This service allows you to access your accounts and make transactions over the phone.

Interac e-Transfer

This service allows you to send money directly and securely from your bank account.

This service allows a payer to deposit money directly into your bank account.

Safety deposit box

This service allows you to keep valuable documents and small items in a box that is securely stores inside a vault.

Foreign currency exchange

This service allows you to convert one country's currency into another country's currency (e.g., Canadian dollars to US dollars).

Financial planning

This service helps you to come up with strategies to help you achieve your short- and long-term financial goals.