Banks have existed for hundreds of years. Europeans established banking systems to provide loans for farmers and people who traded goods. The first president in the United States established a federal bank to establish U.S. currency.
Today, the Federal Deposit Insurance Corporation (FDIC) reports that over 90 percent of households in the U.S. have an account with a bank or credit union. In comparison, less than one percent of Canadians do not have a bank account. Banking is a fundamental part of life for most households, but changes in how people work, communicate, and pay bills have led to changes in banking. The internet’s prompted the rise of online banking. Read on to learn about your digital banking options in Canada.