Virtual Banking - Weebly



Virtual and Online Banking Report

The nature of banking has changed in Canada with the advances in computer technology and security. Many Canadians want to have access to their banking records immediately, without having to update their account books at a banking institution. In this activity, discover the benefits and drawbacks of virtual banking and online banking.

1. Find the answers to the questions listed below at the Bankrate website.

a) What is the difference between online banking and a virtual bank?

b) What are the advantages and disadvantages of online banking?

c) What are the advantages and disadvantages of using a virtual bank?

2. Visit the ING Bank of Canada website . Then fill in the following chart:

|TYPE OF ACCOUNT |DESCRIPTION |RATE |RATES |

| | | |from your choice |

| | | |of financial |

| | | |institute: |

| | | | |

|Savings Account | | | |

|Retirement Savings Plan | | | |

|Tax-Free Investment Savings | | | |

|Account (TFSA) | | | |

|Guaranteed Investment |. |1 |1 |

|Certificates (GICs) | |Year |Year |

| | | | |

| | | | |

| | |1 1/2 |1 1/2 |

| | |Year |Year |

| | | | |

| | | | |

| | |2 |2 |

| | |Year |Year |

| | | | |

| | | | |

| | |3 |3 |

| | |Year |Year |

| | | | |

| | | | |

| | |4 |4 |

| | |Year |Year |

| | | | |

| | | | |

| | |5 |5 |

| | |Year |Year |

| | | | |

| | | | |

b) Fill in the current interest rates offered on mortgages at the virtual bank and your financial institute.

|Types of Mortgages |RATES – Virtual Bank |RATES |

| | |from your choice of financial |

| | |institute: |

|1 Year Fixed | | |

|3 Year Fixed | | |

|5 Year Variable | | |

|5 Year Fixed | | |

|10 Year Fixed | | |

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download