If you feel mystified by the happenings of the banking world, you’re not alone. In fact, we are not even hinting at the more complicated services that a bank can offer, like Registered Retirement Savings Plans (RRSPs) or mutual funds. If you’re like the majority of Canadians, even something that seems as simple as a chequing account can lead to questions with ever-so-fleeting answers.
There is something about the phrase “chequing account” that sounds rather old-timey and sophisticated. Still, chequing accounts actually play a very important role in our day-to-day lives. Whether or not we sink a lot of thought into it, the majority of us rely on our chequing accounts on a daily basis.
In this article, we will explore the question that you were afraid to ask, but that will enhance the way you approach banking: what is a chequing account?