Part of the MITEY Network · independent, not a bankFees retrieved November 1, 2026 · lists checked October 30, 2026
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Glossary

Canadian banking glossary

35 terms you’ll meet on this site and in your bank’s fine print, in plain language. From the Bank Act, CDIC categories and Schedule I, II and III banks to cheque holds, NSF fees and pre-authorized debits, each gets a short definition.

Mitey the Yeti pointing at a glossary entry
Mitey the Yeti pointing at a glossary entry
Bank Act
The federal law under which every bank in Canada is chartered and regulated.
Big Six
Canada’s six largest domestic banks: RBC, TD, Scotiabank, BMO, CIBC and National Bank.
CDIC
Canada Deposit Insurance Corporation. Insures eligible deposits at member institutions up to $100,000 per category, per member.
CDIC category
One of nine groupings insured separately: one name, joint, trust, RRSP, RRIF, TFSA, RESP, RDSP and FHSA.
CDIC member
A federally regulated institution whose eligible deposits CDIC insures. Brands of one member share its limits.
Cheque hold
The time a bank may wait before making deposited cheque funds available; maximums are published by FCAC.
Consumer-driven banking
Canada’s name for open banking: sharing your financial data with accredited providers at your direction. Not yet live as of October 30, 2026.
Credit union
A member-owned cooperative financial institution, usually regulated and insured by its province.
Crown financial institution
A government-owned institution such as ATB Financial, whose deposits are guaranteed by the Government of Alberta.
Deposit insurance
Protection of eligible deposits if an institution fails — CDIC federally, or a provincial insurer for credit unions.
Direct bank
A bank serving customers online and by phone rather than through branches.
Division (brand)
A trade name used by a bank rather than a separate legal entity — for example Simplii Financial of CIBC.
External complaints body
An independent body that reviews complaints a bank hasn’t resolved. For banks, that is OBSI since November 1, 2024.
FBAR
A US report (FinCEN Form 114) US persons file when foreign accounts total more than US$10,000 at any time in a year.
FCAC
Financial Consumer Agency of Canada. Supervises federally regulated institutions’ compliance with consumer-protection rules.
FDIC
The US Federal Deposit Insurance Corporation: $250,000 per depositor, per insured bank, per ownership category.
Federal credit union
A credit union continued under the Bank Act, regulated by OSFI and insured by CDIC.
Fintech
A technology company offering financial services. Many are not banks and hold customer money at partner institutions.
FSRA
Financial Services Regulatory Authority of Ontario, which insures Ontario credit union deposits.
GIC
Guaranteed Investment Certificate: a term deposit paying interest for a fixed period. Eligible for deposit insurance.
Joint deposit
A deposit owned by two or more people; insured by CDIC per distinct set of co-owners.
Low-cost account
A basic account at signatory banks costing no more than $4 a month with at least 18 debit transactions (since December 1, 2025).
No-cost account
The low-cost account with the fee waived for eligible groups such as youth, students, GIS recipients, RDSP beneficiaries and first-year newcomers.
NSF fee
A non-sufficient funds fee for a bounced payment. Capped at $10 on personal deposit accounts at federally regulated banks since March 12, 2026.
OBSI
Ombudsman for Banking Services and Investments: free external review of unresolved bank complaints.
OSFI
Office of the Superintendent of Financial Institutions: the federal prudential regulator of banks.
Pre-authorized debit (PAD)
An automatic withdrawal you authorize a biller to take. Errors usually must be reported within 90 calendar days.
Real-Time Rail
Payments Canada’s new real-time payment system; rules took effect August 24, 2026, with launch targeted for late 2026.
Schedule I bank
A domestic bank incorporated under the Bank Act that is not a subsidiary of a foreign bank.
Schedule II bank
A Canadian-incorporated subsidiary of a foreign bank.
Schedule III bank
A branch of a foreign bank authorized to operate in Canada; not a CDIC member.
Screen-scraping
Sharing your banking login with an app so it can read your data. The open banking framework is meant to replace it.
T1135
A CRA form Canadian residents file when specified foreign property costs more than $100,000 CAD at any time in the year.
Trust company
A federally or provincially regulated company that can act as trustee and take deposits; many are CDIC members.
Trust deposit
A deposit held by a trustee for beneficiaries; CDIC can cover up to $100,000 per beneficiary when disclosure rules are met.
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