Canada's banks offer a variety of products and services to meet your business needs, including:
- ABM services — Self-service machines that allow customers to perform many banking tasks, for example, deposits, withdrawals, bill payments and transfers between accounts.
- Business banking account — A business (current) account is available to business owners, professionals, organizations and institutions. It is a basic, operating account for your day-to-day banking needs.
- Business credit cards — This is a form of financing which gives a small business access to credit up to a prescribed limit without restriction on the use of funds. Using a credit card is like taking out a short-term loan. However, as long as you pay off your credit card in full every month, you pay no interest on the loan.
- Cash management — Cash management services help businesses to streamline payables processing, accelerate receivables, provide the information solutions to make timely decisions and simplify administration.
- Commercial mortgage — This is a loan made on real estate collateral, other than a residential property, in which a mortgage is given to secure payment of principal and interest.
- Debt financing — Debt financing is money you borrow to run your business. You must repay borrowed money in full, usually in instalments, with interest. A lender incurs risk and charges a corresponding rate of interest based on that risk.
- Export financing — A range of financing products (loans, guarantees, letters of credit, insurance, etc.) in support of a variety of activities which help Canadian firms expand into new export markets.
- Internet and telephone banking — Internet and telephone banking services give businesses easy access to accounts including bill payments, transfer of money between accounts, account details and more.
- Lease — An agreement to rent for a period of time at an agreed price.
- Line of credit — An agreement negotiated between a borrower and lender establishing the maximum amount of money against which a borrower may draw.
- Letter of credit — A letter of credit is a guarantee of payment by a bank (issuing institution) to a third party for a specific amount of money, if certain conditions are met.
- Night depositors — The night deposit service is like a nocturnal cash box. Customers can deposit cash or drop off important financial documents by placing them in a special sack supplied by the bank. This sack can then be placed in a specified locked chute or wicket at the branch 24 hours a day, seven days a week and accessed by a branch employee with a special key.
- Overdraft protection — With overdraft protection, the financial institution covers the amount overdrawn in a chequing account by advancing the funds (usually up to a specified limit).
- Trade finance — Trade finance services are financial products geared to assist both importers and exporters in reducing the payment risk associated with dealing internationally.
Visit the following bank websites for information about their product and service offerings: