Financial Inclusion Inventory: Banks

3.1 Overview and Summary

Canadian banks offer a range of banking and investment services. They are large multinational corporations owned by shareholders focused on profit-making. Canada is known for its stable banking industry, which includes 22 domestic banks, including the Big Five (RBC, TD-Canada Trust, CIBC, Scotia, and BMO), 26 foreign bank subsidiaries and 29 foreign bank branches operating in Canada. Banks are regulated in Canada by the Canadian Bankers Association and monitored by the Financial Consumer Agency of Canada (FCAC).

As of 2001, the FCAC stipulated that all Canadian banks are required to provide accounts without minimum opening balances to all Canadians, regardless of employment or credit history, with minimum identification requirements.

At the branch level, banks vary in the services they provide to low income recipients.  Relationships formed between bank clients and bank tellers can also significantly influence the level of comfort, quality of customer service, and range of services experienced by a person living on a low income.

In Waterloo Region, bank branches that offer programs for people living on low incomes include:

  • Bank of Montreal (BMO)
  • Scotiabank
  • Uptown Waterloo branch of TD Canada Trust

3.2 Programs

3.2.1 Bank of Montreal (BMO)           

Program 

Fresh Start Program

Since: Spring 2011

# Served in 2011: <10

Funded : For profit business

Program Description

The downtown Kitchener branch of Bank of Montreal (BMO) offers a no-fee bank account to people referred by the Money Matters program at The Working Centre.

Seek to Serve 

- Low Wage Individuals

- Life Change

Capacity to Serve

No fixed number

Eligibility

Referral from Money Matters

Languages

English

Locations

Bank of Montreal (BMO)

King Street West

Kitchener, ON  N2G 1A3

Contact Information

Jennifer Ellis

Main Kitchener branch

(519) 581-1093

Information Last Updated 

March 2012

3.2.2 Scotiabank 

Program

StartRight Program

Since: 2008

# Served in 2011:  Not available

Funded:  For profit business

Program Description

Offers services catering to newcomers to Canada, including a no-fee bank account for one year and services in several languages.

Seek to Serve 

- Life Change (immigrants)

Capacity to Serve

Available on request

Eligibility

Newcomers to Canada

Languages

Services offered in different languages, varying depending on branch staff. Brochure is available in 12 languages:

Arabic, Chinese, English, Farsi, French, Hindi, Korean, Punjabi, Russian, Spanish, Tagalog, Urdu.

Locations

National program available at all branches

Branch Locator : http://maps.scotiabank.com/en/index.php

Contact Information

www.scotiabank.com/startright/landing-page.html

Information Last Updated 

April 2012

3.2.3 TD Canada Trust  

Program

Ontario Works Cheque Cashing (not an official program)

Since: >5 years ago

# Served in 2011:  >100 per month

Funded:  For profit business

Program Description

This initiative is not an official program, but worth mentioning as a local service catering to the needs of people in the lowest income bracket.

 

TD Canada Trust and the Region of Waterloo have a memorandum of understanding (MOU) that allows for recipients of Ontario Works to have their social assistance cheques cashed at one of two branches in the region if they bring with them a letter issued by the Region verifying the person’s identification. This service is used regularly by individuals who either have insufficient identification and/or who do not have a bank account. 

Seek to Serve 

- Lowest Income Individuals

Capacity to Serve

In accordance with the MOU

Eligibility

Ontario Works recipients in Waterloo Region.  Must have a current letter issued by the Region of Waterloo.

Languages

English

Locations

Uptown Waterloo branch

15 King St S.,  Waterloo, ON  N2J 1N9
Branch # 3814

 

Main Street Cambridge branch

81 Main St., Cambridge, ON  N1R 1W1

Branch # 2448

Contact Information

Waterloo branch 

Susan McCord, Manager (519) 725-3630 ext. 250

 

Cambridge branch

Jason Devenny, Manager (519) 621-7730 ext. 250

Information Last Updated 

April 2012

 

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