-omni-banking in Canada
Jan 16, 2002 | 12:51 pm
#1
Original Poster
Original Member
Join Date: May 1998
Location: Detroit, MI
Posts: 2,685
-omni-banking in Canada
Always been curious--since the banking industry is so different than in the US, what is the structure of the industry?
--are there any regional strengths (i.e. Scotiabank in the Maritimes/B of Montreal in Quebec/TD in Ontario?)?
--are all areas linked (not necessarily so in the USA...)
--any regional differences pricing/offerings/etc?
--any provincial banks (akin to our state banks)?
Just curious..
JL
--are there any regional strengths (i.e. Scotiabank in the Maritimes/B of Montreal in Quebec/TD in Ontario?)?
--are all areas linked (not necessarily so in the USA...)
--any regional differences pricing/offerings/etc?
--any provincial banks (akin to our state banks)?
Just curious..
JL
Jan 16, 2002 | 1:00 pm
#2
FlyerTalk Evangelist
Join Date: Mar 2000
Location: Southern Alberta
Posts: 20,547
Not a usual question for this forum but check this out.
http://www.anancyweb.com/canadian_banks.html
http://www.anancyweb.com/canadian_banks.html
Jan 16, 2002 | 4:35 pm
#3
Join Date: Jun 2001
Location: YUL-YQB-BTV
Programs: SPG-Marriott Titanium Elite
Posts: 4,356
Jamiel,
Enough differences that we can't have these wonderful credit cards of yours with points/miles for UA, USAir, CO, etc,..or Hilton HHonors..our credit cards are linked to AC AP, AA AAdvantage or British Airways and that's about it. Unless someone else knows of a way to get access to US cards without having a bank account in the US...;(
Enough differences that we can't have these wonderful credit cards of yours with points/miles for UA, USAir, CO, etc,..or Hilton HHonors..our credit cards are linked to AC AP, AA AAdvantage or British Airways and that's about it. Unless someone else knows of a way to get access to US cards without having a bank account in the US...;(
Jan 16, 2002 | 5:10 pm
#4
Join Date: Feb 2000
Location: Winnipeg, MB, CANADA
Posts: 504
(1) The Canadian Banks are regulated by the Federal government only, unlike the regulation of banks by either of federal or state athorities in the US.
(2) The Bank Act allows for two types of Banks. Chartered Banks such as CIBC, BMO, BNS, TDCT, & RBC are "Schedule I" banks. The 8 Chartered banks have both a 10% and foreign ownership restrictions. All the "Big Five" Banks have upwards of 1000 branches each and are distributed in every province and in the North. Also in this group are smaller National Bank of Canada, Laurentian Bank of Canada and Canadian Western Bank.
And everyone else is a "Schedule II" bank becaused they are foreign-owned or are holly-owned. These bank are small and often have only one branch. They include banks like Citizens Bank of Canada, AMEX Bank of Canada and HSBC Bank Canada.
(3) However Credit Union are regulated by each province. In Manitoba (where I live), Credit Union are becoming more popular. Many credit unions usually very small and have either one branch or only a handful. As an example Stienbach Credit Union is a one branch operation, but it has over $1 billion in assets. In Manitoba if you take all Credit Unions together they would have the largest market share, with nearly 1 in 4 people as Credit Union members.
(4) Nearly all financial institions in Canada are members of the Canadian Payments Association and the Interac Association. Interac allows Canadians with bank cards to withdrawl money at other banks' ABM across Canada and for direct payment and merchant's POS terminals.
(2) The Bank Act allows for two types of Banks. Chartered Banks such as CIBC, BMO, BNS, TDCT, & RBC are "Schedule I" banks. The 8 Chartered banks have both a 10% and foreign ownership restrictions. All the "Big Five" Banks have upwards of 1000 branches each and are distributed in every province and in the North. Also in this group are smaller National Bank of Canada, Laurentian Bank of Canada and Canadian Western Bank.
And everyone else is a "Schedule II" bank becaused they are foreign-owned or are holly-owned. These bank are small and often have only one branch. They include banks like Citizens Bank of Canada, AMEX Bank of Canada and HSBC Bank Canada.
(3) However Credit Union are regulated by each province. In Manitoba (where I live), Credit Union are becoming more popular. Many credit unions usually very small and have either one branch or only a handful. As an example Stienbach Credit Union is a one branch operation, but it has over $1 billion in assets. In Manitoba if you take all Credit Unions together they would have the largest market share, with nearly 1 in 4 people as Credit Union members.
(4) Nearly all financial institions in Canada are members of the Canadian Payments Association and the Interac Association. Interac allows Canadians with bank cards to withdrawl money at other banks' ABM across Canada and for direct payment and merchant's POS terminals.
Jan 20, 2002 | 1:39 pm
#5
Join Date: Nov 2001
Location: Montreal,QC
Programs: Bonvoy Lifetime Titanium
Posts: 122
Super Larry,
I was able to get a USAir Platinum card. Although I was initially assured that Canadians can have this card, my application was refused because I am not a US resident. I followed up with Bank of America's Customer Service dept and the card was approved with profuse apologies.
The one drawback is that I can't arrange any kind of automatic/electronic payment through a Canadian bank so I have to make payments by cheque by mail.
I was able to get a USAir Platinum card. Although I was initially assured that Canadians can have this card, my application was refused because I am not a US resident. I followed up with Bank of America's Customer Service dept and the card was approved with profuse apologies.
The one drawback is that I can't arrange any kind of automatic/electronic payment through a Canadian bank so I have to make payments by cheque by mail.