You can withdraw money from your account by using a debit card at an ATM – “Automatic Teller Machine” sometimes called an ABM – “Automatic Banking Machine.” You can also write a cheque or use the services of a teller – the person who helps the bank customers. There may be fees to take money out of your account with a debit card. Check and find out.
When you buy something with a credit card, you sign a credit card slip.The store keeps one copy.You get a copy so that you can check your purchases against your credit card bill. Keep your copies safe. Don’t throw them away.You don’t want others to get the information on those slips. Not all businesses accept credit cards but most do. Some may only accept certain credit cards and not others.
To open an account at a financial institution you must show personal documents (for example, passport, Social Insurance Number, driver’s licence). Financial institutions may charge service fees for writing cheques, receiving statements, using Automated Teller Machines (ATMs), and so on. Check services and fees beforehand to know which apply to you. Someone at your bank can provide information on how to keep your fees as low as possible. [DayPlanner web site – Link 108]
Telemarketers may call you on the phone at home trying to sell products and services. Be cautious. Some callers may be trying to take advantage of you. Never give out personal information such as credit card or bank account numbers or your Social Insurance Number.
If you write a cheque, and then change your mind about paying, you can call your bank and put a “stop payment” on the cheque. So long as the cheque has not “cleared” the bank, the bank can stop the payment. The bank charges a fee for doing this. If, for example, you bought a product that did not work when you got it home, you might want to stop payment until you get a product that does work.
Some stores advertise that you do not have to pay anything for a period of time (for example, a year or fifteen months) when you purchase an item. Check the details.You may in fact have to pay a fee and taxes at the time of purchase.Also, if there is a date by which you are to complete payment, make sure you do so. If you do not, interest may apply to the entire period of the loan.