Banking,+Customer+Service+&+Telephone



= Banking, Customer Service & Telephone = 
 * Prosper Canada > TD Bank (November 2014)**

1. Some Important Words

 * Credit:** The choice to borrow money to buy something now, and pay for it later. Some examples of credit are credit cards and car loans.


 * Credit bureau:** A business that collects information about you as a borrower and gives reports about the way you use credit.


 * Credit card**: A card given by a lender that lets you buy things and pay for them later. The credit card company pays the seller. You repay the credit card company monthly.


 * Creditor:** A person or business that lends money or sells you goods that you pay for later. This is also known as a lender.


 * Credit limit:** The largest amount of money you can borrow on your credit card or line of credit.


 * Credit rating:** In a credit report, each of our credit accounts gets a rating. For example, if you have a credit card and a car loan, you get ratings for each one. The rating shows how you've used credit in the past.


 * Credit score:** A score from 300-900 that credit bureaus use to rate the information in your credit report. Credit bureaus use a mathematical formula based on many factors to arrive at your credit score.


 * Debt:** Money that you owe.


 * Interest:** The amount paid by a borrower to a lender for the use of money.


 * Loan:** Money that you have borrowed and have to repay on a set schedule, with interest.

2. What's True for Me ?
This is a list of steps that can help you to build credit in Canada. Read each one and check "Yes", if the statement is true for //you// and //your life//. There are NO right or wrong answers to these statements. We'll talk about all of this during the workshop !

1. I pay my bills on time

[ ] Yes [ ] No [ ] I don't know

2. I am careful about the total amount of debt «i owe. 3. I understand the terms of my credit agreements. For example, «i know what happens if «i pay late. 4. I`ve asked for my credit report in Canada. 5. I avoid using kinds of credit that charge high fees and interest. 6. I have a `secured`credit card to build my credit. 7. I`ve gone for a free appointment with a non-profit credit counselor. 8. I have a debt payment plan for myself. 9. I have talked with my family about building and protecting our credit.

=TELEPHONE= English is Stupid > Survey 1) What is your first language? 2) What are your biggest problems communicating on the telephone? 3) What would help you use the telephone more successfully or comfortably? Share funny or disastrous story about miscommunication on the phone. - Kamikaze 08/26/14


 * FEEDBACK NEEDED. **

Students are invited to give feedback on a website about RESPs and the Canadian Learning Bond.

This website was created by a research company called Bridgeable. They want to have a website that is easy to understand and use.

Visit the website below and tell your teacher what you think. What is clear? What is confusing? What is missing? etc. Write your comments below.

** Link: ** []

==

NOVEMBER > Financial Literacy Month
Only two things are infinite, the universe and human stupidity, and I'm not sure about the former. - Albert Einstein -

Financial Literacy (Workshop by Nehru, August 2014)

 * Financial literacy means having knowledge, skills and confidence to make responsible financial decisions.
 * Financial literacy is the set of skills and knowledge that allows you to understand:
 * The financial principles you need to know how to make informed financial decisions, and the financial products that impact your personal well-being.
 * Understand the key financial products that you may need throughout your life - including bank accounts, mortgages, retirement savings plans and basic investments like stocks, bonds and mutual funds.
 * Understand basic financial concepts like compound interest, investment returns, diversification, and so on.
 * Discuss money and financial issues - that you don't really like to talk about.
 * Make good financial choices.


 * In early 2007, Credit Canada Surveyed almost 4500 randomly chosen Canadians about their finances. Of those surveyed:**
 * Almost a third felt they would not be able to retire at age 65.
 * As of today, the maximum pension you can receive is $1037.25 (some students say you need $3000./month). You must have worked at least 39 years in Canada. Age 26-65 years - 39 years.
 * Pension Cap is $51,200.
 * 50% of Canadians cannot retire at 65 years > very important to plan your life ahead of time
 * More than half do not contribute to their Registered Retirement Savings Plans each year
 * 9/10 felt that Canadians have more debt than they did five years ago.
 * 8/10 did not know their credit score.
 * more than half were not aware of free credit or debt services to help out.


 * If you pay your bills each month and there is nothing left over, what is the best thing you can do ?**
 * Go to the bank and get a debt consolidation loan
 * talk to a financial advisor about putting money away before you pay your bills
 * Make a **BUDGET** to help you figure out what's left after monthly expenses YOU take care of YOU !
 * We all know our income. Plan your expenses (rent/mortgage, food, transportation, insurance, telephone, etc. ... ) according to what you have.


 * VIDEO** > GetSmarterAboutMoney.ca > Funny Money "Track O Matic", 'Money Loosers & Money Makers', ' Get it ON Credit' 'Emergency Money'... etc.

=Investment Basics for Newcomers=

=Financial Literacy=

Make up 5 questions regarding each topic.

__**Real Estate & Home Ownership**__

__**Investment Basics for Newcomers to Canada**__


 * __Cross Border Banking &__** **__Establishing Your Credit__**

Abdullah - Business Development Manager (outreach … Brand) Suzanna Choi – Investments, Premier Relationship Mgr, Global Banking Service (international travel)
 * __GUEST SPEAKER: HSBC Financial Literacy >__** September 2011

Hong Kong Shanghai Bank of Canada (British origin) 87 countries (2nd largest bank in the world, international) since 1863 Canada 30 years (1981)
 * Cross Border Banking & Establishing Your Credit **


 * __WIRE TRANSFERS:__**
 * Levels of Service (based on the amount of money you have on deposit)
 * Premier Service (free for self to self) $100,000.
 * Advance ($8.50 ) $25,000.
 * Retail (standard) $0.0
 * HSBC respects the laws of the country (ie. Gov’t of China allows $50,000 / person to be wired out per year). There is not a straight forward answer, it depends on the country’s laws on the eligibility of wiring out money
 * ON-line transfers are instant. Limit $50,000./day
 * Inter-bank wiring of money. May take a week to 2 weeks. HBSC to HBSC is quicker.
 * Cross Border (Corporation vs. Individual)
 * Int’l premier clients purchasing homes in USA 30% down, 70% mortgage. 1 month to 6 weeks.


 * __ESTABLISHING CREDIT:__**
 * 1) standard way vs. HSBC way (Get credit records from 1st country, 1 week)
 * 2) credit history, why (how pay back ?), income (employment*, if coming from outside of Canada, may not count ?), how much, liabilities & assets
 * 3) Privacy … Gov’t cannot see your records in a bank in another country…
 * 4) The refusal of a department cards … is it a black mark on your credit history? (not really) Credit bureau is an independent 3rdparty (1. Equifax, 2. Trans Union)
 * 5) Repayment of loans or credit card (this generates a history and score)
 * 6) Establish a loan /credit card (use it every month and pay it back in full is best)
 * 7) Don’t open your credit report unless you need to (you loose points just looking)
 * 8) 10 business day turnaround to get a credit card
 * 9) Anything you don’t pay will show up on your credit rating (alimony, leans, bills, etc.)
 * 10) Automatic credit card payment available via 1 website, all accounts all over the world.

Whatever your purchase prices is 2% to cover fees (basic rule) not including your down payment.
 * __MORTGAGES__**
 * 1) Mortgage Preapproval offered by all banks
 * 2) Credit History ? Assets ? Job ?
 * 3) Int’l Client: Do you bank with HSBC overseas ? (60% mortgage, 40% down, for Premier clients without verification)
 * 4) Categories of immigration (refugee, student, investor, skilled worker…)
 * 5) Investor (75% mortgage, 1 question: show document that you are an ‘investor’)
 * 6) Employment: where’s your money coming from to pay the mortgage?
 * 7) Basic guideline for most banks 30% down (don’t need to prove income).
 * 8) Minimum down payment in Canada is 5% down
 * 9) Realtor (charge fees to the seller, not the buyer. When you sign with a Realtor, you are obliged to them for 90 days)
 * 10) Sign offer to purchase
 * 11) Appraisal (Bank wants to make sure of the proof of value) The bank won’t mortgage the amount over market value.
 * 12) Inspection to protect the buyer … to see beyond the ‘staging’ 5 day window to have your reputable 3rd party inspector to check the house.
 * 13) Down payment confirmation (money needs to be in your possession for at least 90 days). Need to explain where the money came from (to prove it’s not laundered money / illegal)
 * 14) Income / Employment
 * 15) Send to Lawyer … explaining terms of the mortgage. They will prepare legal transfer papers. What happens if I’m not in Canada at the time of closing?
 * 16) Other costs associated with a mortgage:
 * 17) CMHC Insurance – down payment < 20% (5% down 2.75, 10% down 2.00, 15% down 1.00%) can be included in mortgage, one time fee, or pay up front.
 * 18) Appraisal – down payment > 20%
 * 19) Home insurance * $ 25 - $40./month ?
 * 20) Property Tax * (mandatory depending on where) annually
 * 21) Maintenance Fees - Condo fees / townhouse
 * 22) Creditor Insurance (on the mortgage) - optional
 * 23) Land transfer tax * (mandatory ?) 1 time only at time of purchase
 * 24) Lawyer fees $1000 - $1500.