Retail Banking

Definition

• Those activities and services that a bank provides for individual customers such as savings accounts, personal loans, cheque cashing and RRSPs.

Synonyms
consumer banking, money dealing, retail commerce

Related Terms and Acronyms

• Automated Teller Machine (ATM) — Acronym, Canada,
  • A terminal activated by a magnetically encoded card that allows customers of a bank or other financial institution to conduct everyday banking tasks such as deposits, withdrawals and transfers between accounts. An interconnection of these terminals allows customers to conduct certain transactions around the nation and the world; usually subject to a surcharge fee.
  ➥ See also Automated Banking Machine (ABM).
• Bank — Definition,
  • An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
• Canadian Bankers Association (CBA) — Company Est. 1891, Canada, Very Important,
  • Professional industry association that provides information, research, advocacy, education and operational support services primarily to the banking industry.
  ➥ One of Canada's oldest business associations.
• Chequing Account — Definition,
  • A bank account that allows quick access to the money in the account.
• Clearing and Settlement (C&S) — Acronym,
  • The process whereby banks collect or pay out for items drawn on or paid into accounts in their institution. This process enables banks to accept each other's cheques and bank drafts for deposit. The Canadian Payments Association operates Canada's clearing system.
• Commercial Bank (CB) — Acronym,
  • A financial institution that provides a broad range of services, from chequing and savings accounts to business loans and credit cards.
• Credit Card (CC) — Acronym, Very Important,
  • A plastic card with a coded magnetic stripe that, when signed, entitles its bearer to a revolving line of credit, with a credit limit and interest rate determined by the borrower's income and credit report.
  ➥ A payment card that gives customers access to a revolving line of credit.
• Debit Card (DC) — Acronym, Important,
  • A payment card that is linked directly to a customer's bank account. Some cards require a personal identification number. Others require a customer's signature. A PIN-based or direct debit card removes a purchase price from a customer's chequing account almost immediately. A signature-based or deferred debit card has a Visa or MasterCard logo and removes the purchase price from a customer's bank account in two or three days.
• Line of Credit (LOC) — Acronym,
  • A commitment by a financial institution to lend up to a specified maximum amount to a customer during a specified period of time.
• Loan — Definition,
  • Letting another party use something of value temporarily.
• Mortgage (mtg) — Abbreviation, Important,
  • A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
• PC Banking — Definition,
  • A service that allows a bank customer to obtain account information and perform certain bank transactions through a personal computer.
• Savings Account — Definition,
  • A financial account that pays interest with low risk.
• Specialized Financing Corporation — Definition,
  • A term in the Bank Act referring to specialized business-management services such as making investments, negotiating mergers and acquisitions and many other services traditionally offered as merchant-banking services.