If you’re thinking about how your finances will be managed as you age or navigate life changes, it is a good idea to plan ahead. A Power of Attorney and/or a Joint Bank Account are tools that can help you manage your money.
Monthly Maintenance Fee | $5.00 |
Minimum Daily Balance to Waive Monthly Maintenance Fee | $1000.00 |
Per Debit Transaction Fee | $0.50 |
Minimum Daily Balance to Waive 5 Debit Transactions per Month | $1000.00 |
In-Branch Withdrawal | Free |
Monthly Statement | Yes |
Passbook | Yes (Only Allow to Choose Passbook or Monthly Statement) |
Interest Rate | See Interest Rate Sheet - Demand Account |
Service and Fees Schedule | See Personal Banking Services and Fees |
Interest Calculated on Daily Tier Closing Balance and Paid Monthly | Yes |
ATM Fees for CTBC Bank of Canada and The Exchange Network® ATMs | No Fee |
Temporary Cheque | $1.00 each |
Monthly Maintenance Fee | $5.00 |
Minimum Daily Balance to Waive Monthly Maintenance Fee | $1000.00 |
Per Debit Transaction Fee | $0.50 |
Minimum Daily Balance to Waive 5 Debit Transactions per Month | $1000.00 |
In-Branch Withdrawal | Free |
Monthly Statement | Yes |
Passbook | Yes (Only Allow to Choose Passbook or Monthly Statement) |
Interest Rate | See Interest Rate Sheet - Demand Account |
Service and Fees Schedule | See Personal Banking Services and Fees |
Interest Calculated on Daily Tier Closing Balance and Paid Monthly | Yes |
ATM Fees for CTBC Bank of Canada and The Exchange Network® ATMs | No Fee |
Temporary Cheque | $1.00 each |
Monthly Maintenance Fee | $5.00 |
Minimum Daily Balance to Waive Monthly Maintenance Fee | $1000.00 |
Per Debit Transaction Fee | $0.50 |
Minimum Daily Balance to Waive 5 Debit Transactions per Month | $1000.00 |
In-Branch Withdrawal | Free |
Monthly Statement | Yes |
Passbook | Yes (Only Allow to Choose Passbook or Monthly Statement) |
Interest Rate | See Interest Rate Sheet - Demand Account |
Service and Fees Schedule | See Personal Banking Services and Fees |
Interest Calculated on Daily Tier Closing Balance and Paid Monthly | Yes |
ATM Fees for CTBC Bank of Canada and The Exchange Network® ATMs | No Fee |
Temporary Cheque | $1.00 each |
Monthly Maintenance Fee | $5.00 |
Minimum Daily Balance to Waive Monthly Maintenance Fee | $1000.00 |
Per Debit Transaction Fee | $0.50 |
Minimum Daily Balance to Waive 10 Debit Transactions per Month | $1000.00 |
In-Branch Withdrawal | Free |
Monthly Statement | Yes |
Passbook | Yes (Only Allow to ChoosePassbook or Descriptive Bi-Annual Statement ) |
Interest Rate | See Interest Rate Sheet - Demand Account |
Service and Fees Schedule | See Personal Banking Services and Fees |
Interest Calculated on Daily Tier Closing Balance and Paid Monthly | Yes |
ATM Fees for CTBC Bank of Canada and The Exchange Network® ATMs | No Fee |
Monthly Maintenance Fee | $5.00 |
Minimum Daily Balance to Waive Monthly Maintenance Fee | $1000.00 |
Per Debit Transaction Fee | $0.50 |
Minimum Daily Balance to Waive 5 Debit Transactions per Month | $1000.00 |
In Branch Withdraw | Free |
Monthly Statement | Yes |
Passbook | Yes ( Only allow to choose passbook or Monthly statement ) |
Interest Rate | See Interest Rate Sheet - Demand Account |
Service and fees schedule | See Personal Banking Services and Fees |
Interest Calculated on daily Tier Closing balance and paid monthly | Yes |
ATM fees for CTBC Bank of Canada and The Exchange network ATMs | No Fee |
If you’re thinking about how your finances will be managed as you age or navigate life changes, it is a good idea to plan ahead. A Power of Attorney and/or a Joint Bank Account are tools that can help you manage your money.
It’s a document that gives one person (or more) the authority to manage your money and property for you.A Power of Attorney allows someone to make decisions about your property and finances on your behalf. The terms of the Power of Attorney outlines what an attorney(s) can do on your behalf. For example, they can sign cheques, handle your banking or even sell real estate for you. It can give you peace of mind that someone you trust will be able to make financial decisions to ensure your well-being in the future.You can cancel (or revoke) a Power of Attorney in writing at any time, as long as you are not mentally incapacitated.For more information, please go to the Government of Canada Website.
It’s a bank account held by two or more people who share ownership of the funds in the account.At CTBC Bank, the joint account is what we called “joint and several” account (or “right of survivorship” account). Joint account holders have shared ownership of the funds in the account and can deposit, withdraw or handle the funds in the account—no matter who puts money into it. Joint accounts are commonly used by two or more people to pay bills or handle expenses together.For more information, please go to the Government of Canada Website.
An attorney is not entitled to use your money for their own personal benefit. Under the personal account agreement, joint account holders are entitled to use the money in a joint account for their personal benefit.
A Power of Attorney lets you limit what your attorney can do with your money. Unless all joint accounts holders are required to act together, there are no limitations on how joint account holders may use the funds in the account.
An attorney is accountable to you and must act in your best interests. Joint account holders are not accountable to other joint account holders and may act for their own benefit.
Granting a Power of Attorney has no direct effect on your estate plan as your funds remain in your name. Under the account agreement, the funds in a joint bank account pass to the surviving joint owner(s) by right of survivorship at CTBC Canada, subject to certain exceptions (i.e. Quebec).
Whether you’re appointing an attorney or opening a joint bank account with somebody, it’s important to make sure the person you choose is someone you trust and has your best interests in mind.
If you are choosing an attorney—this may be your spouse, a close family member or friend—you may also want to ensure that whomever you choose:
If you decide to open a joint bank account make sure you understand the risks associated with sharing ownership of your funds.
It is always a good idea to speak with a CTBC Personal Banker to help review your banking needs for your specific situation. You should also seek legal and tax advice in considering your options.
If you have any questions, please don’t hesitate to contact us. Our team will be happy to help.
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