Banks and Credit Unions offer similar services:

• Chequing and savings accounts
• Currency Exchange
• Transfer of money between countries

Banks charge for most services including using your cheques and debit cards. You can compare fees and change banks if you want.

Credit Unions are owned locally through the purchase of shares when you open an ac-count. Members get money back each year based on the number of shares they own.

Chequing accounts are used for paying bills like rent, insurance, utilities, and so on. You can set up automatic payment of some bills. If your account does not have enough money to cover a cheque, you may be charged $25-40 by your bank. The cheque is returned to the company you paid, and they may also add an extra charge. Be sure to record all your cheques, withdrawals and deposits so that this does not happen.

Saving accounts hold money that you do not want to spend right away. Interest is paid on the money in a savings account. It can be paid on a daily, weekly, or monthly basis. You can withdraw this money at any time.

Banks have other ways to save money such as Canada Savings Bonds or Guaranteed Investment Certificates (GICs). They pay more interest but are a little more difficult to withdraw.

Everyone working in Canada can set up a Registered Retirement Savings Plan (RRSP). This lets you save money and reduce your taxes. The amount you can save depends on your annual employment income.

Vanguard Credit Union

47 Main St North, Rossburn
Phone: (204) 859-5025
Fax: (204) 859-5039
Website

Go to a bank or credit union (banking co-operative) to open a bank account.

You can also ask for internet access so that you can pay bills, transfer money or check your account from any computer.

You should get an ATM Card, also called a debit card, from your bank. You will get a Personal Identification Number (PIN) to memorize. This number must be kept a secret.

This allows you to put in or take out money any time, at an Automated Teller Machine (ATM). You can also use the debit card to pay for most purchases at stores.

ATM machines are located at the Co-op convenience store (21 Main St. S) and the Kopper Kettle Hotel (31 Centennial Rd).