14 - Friday, June 19, 1992 — North Shore News Banks never close in the age of electronic banking BANKING HAS come a long way since the days when everyone used to do their banking on their lunch hour. People would jockey for position as they passed through the branch doors, everyone wanting to be first in line. Then banks started extending their hours, so people could get their money before work, on their lunch hour, or on the way home. The introduction of Saturday banking has helped ease the tra..ic flow during peak hours even more. But by far the most convenient way to do your everyday banking is to use one of the many elec- tronic banking machines which populate almost every street cor- er in the country. Today people can use full-ser- vice automated banking machines, cash-only machines, drive- through banking machines and passbook updater, many of them accessible 24 hours a day, seven days a week. What you can do depends on the type of machine you use. Full-service automated _ banking machines allow you to deposit or withdraw funds, transfer money between accounts, or pay bills. Many banks also have self- own-passbooks and obtain-ac- count balances. Some of these machines also enable customers to print if cheques have been cashed. . By Garry Bader Contributing Writer Drive-through machines, one of the newer additions to electronic banking in Canada, are proving to be extremely popular. These allow . people to do 95% of their banking at any hour of the night or day from the convenience of their cars. Drive-through machines ap- pea! in particular to seniors and other people trying to avoid cold and icy conditions during the winter, as well as to those in a urry. At the other end of the spec- trum is the simplest form of elec- tronic banking -—- cash-only machines. These are found in a variety of locations, including convenience stores, hospitals, air- ports, amusement parks and, most recently, fast-food restaurants. The Royal Bank, for example, in- stalled banking machines in six McDonald’s highway restaurants in Quebec and Ontario early this year, marking the first time that cash-dispensing machines were available at any McDonald’s res- taurant in Canada. Little-known facts Some people may nct be aware that they’re not limited to using their own financial institution’s banking machines. Customers of any bank, trust company or credit union belonging to the Interac, Plus System and VISA shared automated banking networks can use their cards to withdraw cash (up to normal cash limits) from any member institution’s machine. If you travel, it’s also handy to know that your banking card can be used in other provinces and countries. The Interac network links the banks machines of vir- tually ail the financial institutions in the country, and is one of the largest automated banking net- works in North America. The Plus System is a U.S.-based_ interna- tional network of banking machines which enables consumers to obtain cash in the United States, United Kingdom, Australia, Canada, the Caribbean, Japan, Singapore, Hong Kong, Columbia, Ecuador, Guam, Mex- ico and Puerto Rico. Anyone with an activated bank- ing card can travel through life without worrying whether they can make it to the bank before it closes. Because in the age of elec- tronic banking, the banks never close. Mortgage-backed securities pass $10B “SAFE AND profitable’ — the two main reasons why Canadians have in- -vested more than $10 billion into National Housing Act . Mortgage-Backed Securities (MBS), ‘Eugene Flichel, ‘president of Canada -Mor- tgage and Housing Cor- poration (CMHC) recently annewnced. “At $10 billion, the program ” has grown twice as fast as origi- nally expected,” said Flichel. “‘MBS issues have consistently ex- ceeded the targets established for the program when it was launched in 1987.”* To date, issuers have assembled .and sold 884" pools of mortgages -to individual investors and to in- stitutional investors, such as pen- sion funds. Royal Trust issued the mortgage pool, worth $75,000,554.93, which pushed total sales to $10 billion. NHA-MBS are an investment vehicle backed by CMHC-insured mortgage loans and are made available through investment dealers. The securities are fully- liquid, blue-chip investments that produce guaranteed income at tates of return generally exceeding Government of Canada bonds and Canada Savings Bonds. Investors buy in amounts from $5,000 on up and in return, receive a monthly income from mortgage payments made by bor- rowers. “*The success of the NHA-MBS has shown it is a solid investment teflects CMHC's performance,”’ vehicle and strong financial said Flichel. ‘Flichel noted that Mortgage- Backed Securities help the government of Canada_ ensure equal access to mortgage financing at the lowest possible rates. “They create more competition in the mortgage market which ex- erts downward pressure on mor- tgage interest rates,’’ he said. ‘“*Lower interest rates save moncy for Canadian taxpayers. Competitive bidding and _ the NHA-MBS program have reduced the amount of tax dollars needed by the federal government to sub- sidize social housing loan repay- ment. To date, these savings have reached almost $176 million,” said Flichel. THE BOARD OF DIRECTORS OF THE CANADIAN MENTAL HEALTH ASSOCIATION NORTH AND WEST VANCOUVER BRANCH cordially invites you to our ANNUAL GENERAL MEETING on Tuesday June 30th 1992 6:00 p.m. Leo Marshall Curriculum Centre Conference Room 810 West 21st Street North Vancouver, B.C. OF-NORTH VANCOUVE EADISTRICT., is on the move To clear the way for the expansion and renovation of the District Hall, the Planning and Development Services Division is relocating temporarily. As of June 22, the Planning, Social Planning, _ Land and Permits and Licences Departments will be located at: District of North Vancouver Annex 253 East 14th Street (off St. Andrews Road) North Vancouver We will be providing the following municipal services to you from this address: development and zoning inquiries = . + information on planning and social planning matters + information on sale, lease and use of Districtland .:. + building permits, inspections, business licences 3 — These departments may still be reached at the same phone numbers - call 987-7131 for general inquiries and 984-4161 for Permits and Licences. We are working to minimize-any inconvenience and appreciate your understanding. AVENUE QgORGES aT. EAST sath = =6STREET