“Crurveys

Answer fo the line-up blues

Arrange RRSP by telephone

YOUR boss is demand-
ing the project be on
his desk by 5 p.m.
Yeu’ve just spilled cof-
fee. down the front of
your shirt. And the
deadline for buying an
RRSP is coming down
the track like a speed-
“fing locomotive.

Who are you going to call?

Cali your financial institu-
tion about your RRSP. Many
now have direct lines to tele-
consultants — it’s convenient
and fast.

Canadians are realizing
that telephone banking is
more than just a way of
updating your bank balance
or transferring = money
between accounts. Most
financial institutions now
offer services that allow you

“to. perform almost every
banking transaction short of
obtaining cash.

It’s also an excellent way
of avoiding line-ups at the
branch when you want to
contribute to your RRSP.

. A recent survey cited‘ by
Credit Union Central of B.C.
x suggest that

- -» Canadians ‘are catching on to

the. convenience of using a
phone to do their banking. In
1994, about 70% of
"Canadians banked in-branch
while. 29% used Automated
Teller Machines (ATMs) and
1% used the telephone. By the
end of this year, the percent-
age of people. using branches

a

MONEY WATCH
CONSULTANTS LIMITED
Suite 206-132 West 15th Street, N. Vancouver

“Sead on o subzaropen of $3500 by 0 quilfyng BC resent wih 1996 teatle come of apgmmnncy $35,000. Tha aqusclere
(ead as soning per delle invested oe egrsaciretaly 54 on inncbie comes of $25,000 ond eppacaretey 76 wn louie tenes of

is expected to shrink to 52%,
those using ATMs to rise to
37% and telephone banking
to increase to 7%.

With an cye on that
growth, financial institutions
have beefed up their tele-
rhoae services. Most now
cv.er fully trained professional
financial advisors. particularly
during RRSP time. For
instance, at the locally-based
North Shore Credit Union,
staff fielding calls on_ its
Teleconsulting Service are
licenced to discuss a broad
range of investment options.

That’s good news for the
consumer who wants to
bypass lineups at the branch
counter because it translates
into immediate telephone
access.

An informal survey of two
credit unions, two banks and
two trust companies on the
North Shore found ail calls
were answered within three
rings. And all instirutioas
could: complete an RRSP saic
over the phone, provided the
caller was a regular member
or client. For new patrons the
initial set up could be com-
pleted over the telephone but
they had to go into the
branch to sign papers.

While financial institutions
have staff in place anticipating
more business by phone, a
recent U.S. survey shows
most callers still are secking
only basic banking functions

such as checking — their
account balances or seeing if
cheques had cleared. That
means consumers who want
more advanced transactions
such as a loan or an RRSP, are
in the minority and get
prompt attention from highly
qualified personnel.

Callers can also get advice
and information about RRSPs
such as the best GICs for
their goals, the other options
tor their retirement plan, how
much they can contribute to
their RRSP, or even arrange a
loan for a contribution, check
foreign exchange rates, and
the locations of ATMs in the
U.S. and Canada.

When calling about your
RRSP be prepared. Have an
idea about what your retire-
ment goals are, think about
previous investments, and
have your personal financial
information at your finger-
tips.

At North Shore Credit
Union, the Teleconsulting
Service started out June 10,
1996 with five cails a day. It
now logs about 500 calls 2
day, out of a total credit
union membership of about
36,000.

Women callers tend to
outnumber men ty about 60
to 40, says North Shore
Direct manage: Megon
Campbell. “Men, hewever,
seem more com‘ortable than
women doing ‘Susiness such

‘For every dollar invested |
you will receive:

$60,000. Note: Aenoants witave bom on RESP ove zuble when wihdhoee. Tis cbvertecrd is nto schoo oor oa sl

scars of Working Oppornsaty fond U0 1x. The afar mace scaly by 0 prospacts wich ecto hd den of the cles

We

WORKING
OPPORTUNITY
FUND

For more information, calli toll-iree.
From Monday to Friday, 8.a.m. to 10 p.m. E.S.T.

BE rd | Repaciment of Finance

Ministére des Finances
farada

as buving an
phone.”

Telephone services are
expected to grow as more and
more baby boomers, pushed
for time, seek the conve-
Nience and case of telephone
financial services.

Column writer John Allen
encourages North Shore Credit
Union members at the
Ambleside and Park Royal
branches be manages to take
advantage of Teleconsulting
Service. For more information
contact 713-3000.

RRSP by

The Progressive Conservative Party of
Canada - West Vancouver-Sunshine Coast
Riding Association is inviting potential
candidates for the next Federal Election.

Interested parties should fax or write to:

Lorne Milne, President

West Vancouver-Sunshine Coast
Riding Association

C/o #3000 - 1044 West Georgia Street
Vancouver, B.C. V6E 3R3

Tel. No. 687-6575, Fax No. 641-4949

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