Canadian Deposit Accounts and Unclaimed Balances Canadian banks offer different types of deposit accounts, including standard and high interest products. There are products for children and students as well. Features and Fees The type of account to choose depends on your personal requirements, whether you need unlimited debits, unlimited checking accounts, or US dollar banking. Some products come with free overdraft protection, annual fee waiver for special credit cards, and access fee waiver. With other accounts, holders are allowed up to 3 overdrafts a month. Some financial institutions also offer discounts, fee rebates, and preferential terms for other products and services. Holders enjoy perks and access to mobile and online banking, favorable exchange rates, and more. Student Accounts There are products that are specifically designed for Canadian students. Some are offered with low monthly fees while others have no fees. The debits included vary, depending on the account. Some products come with an unlimited number of debits while others offer 15 to 25 debits. It is usually accounts that come with a monthly fee that feature unlimited debits. Customers can choose from different types of cards, including rewards and cashback cards, and benefit from low monthly fees. Interac e-Transfer fees apply. Overdraft protection is offered with some products, but charges usually apply. These accounts are offered to young people, students, and children and help them to learn about the value of money, saving, and banking in general. Self-serve and assisted transactions are usually not available. The fees for ATM withdrawals in Canada, the U.S., and outside Canada and U.S. are different. Charges for cross border debits apply. Student accounts offer plenty of benefits to holders. Some of these are bank drafts, certified checks, stop payments, and personalized checks. Regular fees apply. Safe deposit boxes are also offered. Unclaimed Balances An unclaimed balance is a type of negotiable instrument or a deposit in Canadian dollars. It is held in a trust company or federally regulated financial institutions. There are different types of accounts such as deposit receipts, certified checks, and drafts. Other options include traveler’s checks, term deposits, guaranteed investment certificates, and money orders. Unclaimed balances of different types are held by the Bank of Canada for a period of 30 years in case the balance is less than $1,000. For larger balances, the period is 100 years. More than 93 percent of all unclaimed balances are under $1,000. Other Types of Products In addition to current or term accounts, there are other options for customers who are looking for ways to earn interest on their deposits. There are savings and money market accounts, certificates of deposit, and others. A minimum balance is usually required, and the amount depends on the product of choice. Benefits of Deposit Accounts The main benefit is that this is a liquid instrument – holders are usually allowed to make an unlimited number of withdrawals and deposits. Other benefits include ease of use, worry-free access, convenience, and no or low monthly fees. Products that earn interest also feature guaranteed returns.