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Overview

Fredericton has multiple major financial institutions, which can be broken down into two categories: banks and credit unions. Both types of institutions are typically open from Monday to Friday, and are closed on weekends; they also have Automated Teller Machines (ATMs) that are accessible during and after business hours, which allow you to withdraw or deposit cash, deposit cheques, and make transfers between your accounts. In order to access ATMs, you will need to set up an account with an institution and open a debit account. Some people choose to open accounts with multiple banks, as they have different programs and benefits. Many financial institutes also offer online banking options.

You can set up appointments with each location in order to decide which financial institute is the best option for you.

Major Financial Institutions in Fredericton

Banks vs. Credit Unions

While both banks and credit unions offer financial support for their customers, credit unions are non-profit organizations and therefore are primarily member-focused; this means that the members own and operate the institution. This is in contrast to a bank, which is controlled by its stockholders.

Credit Union Benefits:

  • Lower loan/interest rates

  • Lower fees

  • Better customer service and flexibility

Bank Benefits:

  • Higher eligibility

  • More options

  • Better online banking services

  • Higher rewards

Overall, credit unions may be better if you're only using them for basic chequing and debit transactions, while banks are more helpful with additional financial services. In the end, it is up to you as the consumer to decide which option(s) is best for you!

Canada Revenue Agency (CRA)

The Canada Revenue Agency (CRA) (http://www.cra-arc.gc.ca/gncy/menu-eng.html) administers tax laws for the Government of Canada as well as provincial governments including the Province of New Brunswick. They also administer international trade legislation, and social and economic programs that are delivered through the tax system. In Canada, the CRA is responsible for collecting and returning taxes annually.

CRA links for newcomers:

Resources

http://www.bankrate.com/finance/credit-unions/pros-cons-credit-unions-6.aspx

http://www.moneycrashers.com/why-credit-unions-are-better-than-banks/

http://www.cra-arc.gc.ca/gncy/menu-eng.html