Financial Inclusion Inventory: Banks

3.1 Overview and Summary

Canadian banks offer a range of banking and investment services. They are large multinational corporations owned by shareholders focused on profit-making. Canada is known for its stable banking industry, which includes 22 domestic banks, including the Big Five (RBC, TD-Canada Trust, CIBC, Scotia, and BMO), 26 foreign bank subsidiaries and 29 foreign bank branches operating in Canada. Banks are regulated in Canada by the Canadian Bankers Association and monitored by the Financial Consumer Agency of Canada (FCAC).

As of 2001, the FCAC stipulated that all Canadian banks are required to provide accounts without minimum opening balances to all Canadians, regardless of employment or credit history, with minimum identification requirements.

At the branch level, banks vary in the services they provide to low income recipients. Relationships formed between bank clients and bank tellers can also significantly influence the level of comfort, quality of customer service, and range of services experienced by a person living on a low income.

In Waterloo Region, bank branches that offer programs for people living on low incomes include:

Bank of Montreal (BMO)
Scotiabank
Uptown Waterloo branch of TD Canada Trust

3.2 Programs

3.2.1 Bank of Montreal (BMO)

Program	Fresh Start Program	Since: Spring 2011	# Served in 2011: <10
		Funded : For profit business
Program Description	The downtown Kitchener branch of Bank of Montreal (BMO) offers a no-fee bank account to people referred by the Money Matters program at The Working Centre.
Seek to Serve	- Low Wage Individuals - Life Change
Capacity to Serve	No fixed number
Eligibility	Referral from Money Matters
Languages	English
Locations	Bank of Montreal (BMO) 2 King Street West Kitchener, ON N2G 1A3
Contact Information	Jennifer Ellis Main Kitchener branch (519) 581-1093
Information Last Updated	March 2012

3.2.2 Scotiabank

Program	StartRight Program	Since: 2008	# Served in 2011: Not available
		Funded: For profit business
Program Description	Offers services catering to newcomers to Canada, including a no-fee bank account for one year and services in several languages.
Seek to Serve	- Life Change (immigrants)
Capacity to Serve	Available on request
Eligibility	Newcomers to Canada
Languages	Services offered in different languages, varying depending on branch staff. Brochure is available in 12 languages: Arabic, Chinese, English, Farsi, French, Hindi, Korean, Punjabi, Russian, Spanish, Tagalog, Urdu.
Locations	National program available at all branches Branch Locator : http://maps.scotiabank.com/en/index.php
Contact Information	www.scotiabank.com/startright/landing-page.html
Information Last Updated	April 2012

3.2.3 TD Canada Trust

Program	Ontario Works Cheque Cashing (not an official program)	Since: >5 years ago	# Served in 2011: >100 per month
		Funded: For profit business
Program Description	This initiative is not an official program, but worth mentioning as a local service catering to the needs of people in the lowest income bracket. TD Canada Trust and the Region of Waterloo have a memorandum of understanding (MOU) that allows for recipients of Ontario Works to have their social assistance cheques cashed at one of two branches in the region if they bring with them a letter issued by the Region verifying the person’s identification. This service is used regularly by individuals who either have insufficient identification and/or who do not have a bank account.
Seek to Serve	- Lowest Income Individuals
Capacity to Serve	In accordance with the MOU
Eligibility	Ontario Works recipients in Waterloo Region. Must have a current letter issued by the Region of Waterloo.
Languages	English
Locations	Uptown Waterloo branch 15 King St S., Waterloo, ON N2J 1N9 Branch # 3814 Main Street Cambridge branch 81 Main St., Cambridge, ON N1R 1W1 Branch # 2448
Contact Information	Waterloo branch Susan McCord, Manager (519) 725-3630 ext. 250 Cambridge branch Jason Devenny, Manager (519) 621-7730 ext. 250
Information Last Updated	April 2012