Financial institutions

Cash can be lost, stolen or destroyed. In Alberta, money can be kept safely in a financial institution such as a bank, credit union or Alberta Treasury Branch.

Financial institutions offer services such as the following:

• Currency exchange.
• Chequing, saving and other types of accounts.
• Money orders and traveller's cheques.
• Safety deposit boxes.
• Utility, telephone and credit card bill payment services by phone or the Internet.
• Debit cards and credit cards.
• Loans

Interest rates and service charges

Financial institutions pay you interest on the amount of money you deposit and keep there. The amount of interest and the way interest is calculated depends on the type of account.

If you borrow money from a financial institution, you will be charged interest. Read loan documents very carefully to make sure you understand when you must repay the money and how much you will be required to pay in interest.

Interest rates and service charges vary from one institution to another. For information about services and charges, visit or call the financial institutions nearest you or check their websites.

Types of accounts

Most banks, credit unions and Alberta Treasury Branches offer three basic types of accounts:

• Chequing.
• Saving.
• A combination of chequing and saving.

Talk to service representatives at several financial institutions about the types of accounts they offer. Then you can compare service charges and interest rates and find out where you will get the best deal for the types of services you want.

Debit cards and personal identification numbers (PIN)

You may wish to apply for a debit card when you open an account. When you receive a debit card, you also will get a PIN (personal identification number). You need both your debit card and PIN to use an automated banking machine (ABM, also referred to as an ATM) or make a direct debit payment.

Choose a PIN that is not easy for someone else to guess (for example, do not use your address) and do not write the number on your card or give it to anyone else. If you do, anyone who has your card and PIN can take money out of your account without your knowledge.

If you lose your card, immediately report the loss to the financial institution that issued the card.

For general information about banking services and consumer tips, see the Canadian Bankers Association website.

Date Updated:
RDP-596