Many businesses choose to open an investment or checking account at one of the 5 big Canadian banks. Why? For many people, they are too big to fail. And they offer more benefits than smaller establishments. Big banks have large ATM networks that allow customers to make frequent withdrawals. Uniform service across branches is a major advantage. You know what to expect. And top-of-the-line telephone and online banking are services that small banks are not keeping up. Opponents claim that big banks charge higher rates of interest and pay lower rates on savings accounts and deposits.
Mega-banks offer extra services to business customers. And size is reassuring in times of financial crisis. Not all financial institutions are created equal, however, whether big or small. Some offer interest rate deals while others pump up fees. Success certainly feeds on itself, but it pays to weigh your options.
Infographic courtesy of Wage Point
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