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2013 Pre-Arrival webinar - Part 1
- 1. Banking & Cell Phones Pre-Arrival Webinar Tues July 23, 2013. 10-10:30am PST Wed July 24, 2013. 3:30-4pm PST
- 2. Banking
- 3. Introduction • Banks vs. Credit Unions • Why do I need a bank account? • Types of Accounts • Transactional Information • Debit Card & Credit Card • Convenience Banking • Next: How to Setup
- 4. Banks vs. Credit Unions Banks Credit Unions Pros • More loan, investment, and account options • Better accessibility • Better online banking • More robust customer service at any time • Member = part owner • Higher interest rates • Fewer fees • More personal customer service Cons • More maintenance fees • Commonly profit-driven • Small size = fewer branches and ATMs • Lower quality online banking
- 5. Why Do I need a Bank Account? • To transfer money from your home country • To receive money (scholarship, pay from work, etc) • To pay for expenses • More secure than carrying around cash
- 6. Types of Accounts Chequing Savings US Account • Most commonly used • All debit transactions • Withdraw from ATM • Pay bills online • Send money • Issue cheques • Generates no interest • Separate account for a different purpose • Generates interest • For people who do a lot of transactions in US dollars • Banks vs. Credit Unions?
- 7. Transactional Information Cash Access Pay Bills Cheque Cashing • In branch • ATM • Third party merchants • There are limits! • Online banking • In branch • Directly with the company • Automatic pre- authorized payments • Holding policy * Plan big purchases in advance!
- 8. Online & Mobile Banking • Manage accounts • Pay tuition, utilities • Send money • Check transaction history • Text / app banking • Banking on the go • 24/7 access
- 9. Debit Card • Key to your banking • PIN security to identify you • Withdraw cash from ABM • Pay for purchases directly – instant debit from account • Online/mobile banking Limited online purchase capability
- 10. Credit Card • Helps you establish credit history • Pre-set credit limit • Amount spent accumulates, paid off once a month • Online purchasing • Emergency cash withdraw with interest charges * difficult for international students to get a credit card
- 11. Potential Fees & Charges • Withdrawing cash from other banks’ ATM • Withdrawing or debiting your Savings account directly • Non-Sufficient Funds (NSF) • Going over monthly debit transactions allowed • Paper statements* • Monthly maintenance fees
- 12. Next: How to Setup an Account 1.Go to a bank branch nearby 2.Bring Passport, Study Permit, Proof of Address 3.Make an appointment…and that’s it!
- 13. Cell Phones
- 14. Outline • Cell Phones in Canada • Price Overview • Available Plan Options • Approximate Price Ranges • How to Set-up
- 15. Cell Phones in Canada • Why so expensive? • ‘Local’ vs. ‘long-distance’ (not just about area codes!) The Big 3 Companies Independent Providers
- 16. Contract vs. No Contract Pros • Reduced price on the handset • Usually more options for plans available • Options for family package at reduced cost Cons • Expensive penalty when terminating • Significant financial commitment • May not be able to change your handset
- 17. Contract vs. No Contract Pros • Switch providers or stop using at any time • Buy a phone with no obligations or costs • Prepaid – control how much you want to spend, no surprises. Cons • Cost per minute more expensive • Pay upfront for cellphone • Fewer plans • Prepaid – minutes expire, need to top-up
- 18. Price Overview Free High Cost/ Max Options Med Cost Low Cost/ Few Options
- 19. Available Plan Options Provider Voice only Voice and text Voice, text and data Everything Low Cost / Few Options 20 cents/min (pay-as-you-go) $20-$30 $30-$40 $40+ Med Cost prepaid / pay-as-you-go (monthly fees apply) $25-$50 $35-$75 $75+ High Cost prepaid / pay-as-you-go (monthly fees apply) $25-$35 $45-$80 $80+
- 20. Things to Ask at the Phone Shop Trial Period Data and Messaging Services In plan vs. unlimited minutes International Text Upgrade, Family / couple options Start of school year promotions in September SIM card transferability
- 21. Things to Ask at the Phone Shop • Bottom line – what do you finally pay? • Policies on Terminating Contracts • Hidden fees, System Access Fees • Over-usage fees • Data limits • Roaming charges