This report explores the financial services complaint experiences of Canadians at various income levels who used the Ombudsman for Banking Services and Investments (OBSI)’s service. The national, not-for-profit organization collected demographic and case data for almost 1,000 closed cases...

This report presents an analysis of a survey of financial service choice of residents of low-income inner-cities in Toronto, Winnipeg and Vancouver. The survey was administered in 2006-07 with 83 residents and asked them quantitative and qualitative questions about their financial service options...

Everyone needs to bank and nearly everyone has a relationship with at least one financial institution. Financial Institutions need relationships with consumers too, in order to thrive as businesses. The role these relationships play in financial decision making for Canadians is an important...

This handout is from Module 4 of the Financial Literacy Facilitator Resources. Alternative financial services are outside of the traditional, regulated banking system. They do not take deposits like a bank or credit union. To view full Financial Literacy Facilitator Resources, click...

This brief proposes a cohesive strategy to increase bank account ownership among low and moderate-income households: First, and most importantly, Congress should enact a “First Accounts Tax Credit” to financial institutions to develop and deploy electronically- based banking products for...

This activity sheet is from Module 4 of the Prosper Canada Financial Literacy Facilitator resources. Take a few minutes to how this workshop relates to your life, and set one or two goals for your use of banks and other financial services. To view the full Financial Literacy Facilitator resources,...

This activity sheet is from Module 4 of the Financial Literacy Facilitator Resources. Why use alternative financial services? Why use banking services? List the reasons for using the services that your group was assigned. To view full Financial Literacy Facilitator Resources, click...

This handout is from Module 4 of the Financial Literacy Facilitator Resources. Glossary for banking and financial services. To view full Financial Literacy Facilitator Resources, click...

This handout is from Module 4 of the Financial Literacy Facilitator Resources. Resource list of websites about banking and financial services. To view full Financial Literacy Facilitator Resources, click...

This activity sheet is from Module 4 of the Financial Literacy Facilitator Resources. Banks and banking services quiz: In pairs, match the items in column A to column B. To view full Financial Literacy Facilitator Resources, click...

The Center for Financial Services Innovation (CFSI) has conducted an investigation into the amounts that prepaid cardholders spend each month to conduct essential financial transactions, and compared that to the amounts that they would spend if they remained underbanked or used checking accounts...

The report begins by defining and quantifying Canadian financial exclusion and then presents various theories offered to explain it. It then proceeds to provide a set of suggestions as to how banking services can become more relevant for low-income households. Finally, it runs through a set of...

Many Canadians turn to high-cost alternative financial services when they need a short-term fix for a budgetary issue. Though these banking and credit alternatives are a convenient choice for individuals in search of fast cash, particularly those who face barriers to obtaining credit at a bank or...

Many Albertans turn to high-cost alternative financial services when they need a short-term fix for a financial issue. Though these services are expensive and unsafe, they are often the only option for low-income individuals, particularly those who struggle to obtain credit at mainstream financial...

Financial exclusion is a matter of growing concern in Canada considering the decline in the number of mainstream bank branches in some inner-cities and the concurrent rise in the number of fringe banks. This study reports on results from a survey of residents from Winnipeg’s North End, a...

In early 2017 Momentum reached out to over 50 community members and participants to better understand local experiences with high-cost alternative financial services. In addition to connecting with individuals through interviews, Momentum hosted community consultations in partnership with Poverty...

The purpose of this report is to provide policy makers, supervisory agencies, researchers, industry stakeholders and the general public with a systematic analysis and broad understanding of the trends related to the banking fees levied on consumers’ deposit accounts in Canada. The principal...

Immigrants face many of the same challenges that low- and moderate-income communities experience (e.g., low and unstable incomes, poor credit or lack of a credit history, and limited ability to access loans). But they also face a set of unique challenges. For example, immigrants may be hesitant to...

There is concern that the increasing number of alternative financial services in communities across the US is risking individuals' financial health by increasing their use of these highcost services. To address this concern, this study used restricted-access, zip code data from nationally...

Local governments across the United States are working to help their residents weather the health and financial impacts of the COVID-19 pandemic. In many cities and counties, that means deploying their Financial Empowerment Centers (FECs), which provide professional, one-on-one financial...

Firms and representatives in the financial services industry occasionally encounter situations where a client’s vulnerability causes the client to make decisions that are contrary to his or her financial interests, needs or objectives or that leave him or her exposed to potential financial...

This is a guide on how to choose a chequing account to manage day-to-day banking needs. A chequing account is a deposit account offered by financial institutions for managing day-to-day financial transactions, such as paying bills, making purchases with a debit card, depositing your paycheque, and...

The Citywide Financial Services Study provides key data about financial behaviour and access to financial services among New Yorkers with low and moderate incomes. The purpose of the study was to quantify the unbanked marketplace in New York City, identify critical indicators of financial behaviour...

The Immigrant Financial Services Study combined quantitative and qualitative methods to obtain a picture of demand and supply-side barriers and opportunities for financial access for immigrants in New York City. Demand-side research consisted of three initial focus groups, a three-month survey...

This guide summarizes banking practices in Canada, including opening an account, bank cards, and types of...