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Banks play a vital role in North Americas financial systems and the economic development of Canada and the United States Many events and technology advancements have effected the way Canadians and Americans go about banking Some of the topics that will be explored throughout this presentation are as follows How September 11th effected the economy and the banks in both Canada and the United States online banking and the advancement of banking technology what NAFTA has done and how it has influenced the North American banking systems how the government controls the banking industry of their respective countries And finally a comparison of a unit banking system to a branch banking system This essay will assess the pros and cons of the Canadian banking system and compared to the pros and cons American banking system In Canada the different types of banks are currently categorized under a three tier system This three tier system allows for the creation of small banks these small banks are able to provide local services that can adapt to meet the specific needs of their community The three tiers classify banks as small medium and large Banks that have total capital below one billion dollars are classified as small Banks that have a total capital amount between one billion dollars and five billion dollars are classified as medium sized banks And banks that have a total capital in excess of five billion dollars are classified as large banks This system however limits government aid and funding for small banks because they are not considered to be as important as those classified as large banks This system also states that any change in the ownership of a bank must be approved by the Minister of Finance In the United States of America it is mandatory that all National Banks become members of the Federal Reserve System And it is mandatory for State Banks to join the Federal Reserve
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