One of Canada’s banking sector’s unique selling points is the availability of quality banking services from domestic-owned and foreign-controlled banks. As a result, Canadians have multiple options in choosing a bank that supports their financial goals, depending on their banking needs.
Breaking away from the norm, some Canadian banks offer financial specialty services to their customers. These financial institutions provide specialized products and services to ensure that their client’s business and individual needs are catered to. One such specialty service company is the General Bank of Canada.
As a Schedule 1 bank, the Alberta-based General Bank of Canada enjoys positive reviews from customers who have used the bank’s services at one time or the other. From top-shelf responsive customer service to great low-interest rates, General Bank of Canada seems to be a top contender for the top spot among Canada’s domestic banks.
What makes General Bank of Canada unique from other top financial institutions, and why would anyone bank with GBC?
About General Bank of Canada
General Bank of Canada is a Schedule 1 Chartered bank licensed to provide Canadians with banking and other financial services. Established in 2005, the General Bank of Canada has its headquarters in Edmonton, Alberta. The bank started as a First Canadian Insurance Corporation subsidiary, providing auto loans and other related financial services.
General Bank of Canada claims to offer competitive-priced loan and deposit products and services to help its customers achieve their goals.
After a successful motor dealership business with General Motors, Donald Wheaton, the GBC founder, started financial and insurance services to car buyers through a dealership. The insurance venture’s success led to the business’s expansion into banking. In July 2005, the year of its establishment, the General Bank of Canada gave out its first auto loan.
Since its establishment 16 years ago, the General Bank of Canada has provided auto loans and investment services to over 325,000 Canadians. The bank offers commercial lending in Real Estate, heavy equipment financing, aircraft or aviation financing, and guaranteed investment certificates (GICs) through independent brokers, automotive retailers, and dealers.
General Bank of Canada Products and Services
General Bank of Canada provides specialized banking and financial services, including new and used auto loans, guaranteed investment certificates (GICs), commercial lending, aviation financing, and more.
General Bank of Canada Auto Financing
Over the past 15 years since its establishment, General Bank of Canada has financed over 180 thousand auto loans with over $5 billion’s worth through its numerous partner dealers. General Bank of Canada offers new and used retail automobile loans across Canada.
By working through over 2000 auto dealerships in Canada, the bank provides auto loan services at competitive rates and flexible repayment plans.
Due to its deep root in the automobile business, GBC understands the unique needs of auto dealers and customers regarding financing. As a result, the General Bank of Canada auto financing program comes with quick decisions on application and settlement, fixed interest rates, and flexible repayment options.
Features
- Available to customers and auto dealers.
- Auto financing service is available for new and used automobiles.
- Fixed interest rate throughout the loan term.
- Competitive interest rates for consumers.
- Quick application endorsement and settlement.
- Personalized client-oriented service.
- A fixed-term contract and fixed payment amounts.
- It comes with a fixed cost of borrowing.
General Bank of Canada Commercial Lending
If you’re an entrepreneur or a startup company, you can take advantage of the commercial lending products and services of the General Bank of Canada. GBC provides financial assistance to businesses’ needs with a particular interest in equipment financing, real estate lending, and automotive leasing for all types of companies – small, medium, or large.
General Bank of Canada commercial lending services include:
1. Commercial Real Estate
With industry-leading expertise in structuring and administering real estate transactions, GBC’s commercial portfolio comprises several asset classes. Commercial real estate financing is ideal for all classes of business owners, developers, and investors. GBC has simplified its commercial real estate program to encompass different loan terms and project categories.
Available commercial real estate projects include:
- Construction
- Stabilization
- Land development
- Take-out
- Bridge construction
- Repositioning
Asset Classes
- Retail
- Office
- Owner-occupied
- Multi-family residential
- Industrial
- Hospitality
- Special purpose
Commercial Real Estate Loan Terms
- Fixed or floating rates
- Five years terms and up to 25 years of amortizations
- CAD Denominated
- Flexible loan-to-cost and loan-to-value for real estate developers and business owners
2. Automotive Dealer Financing
General Bank of Canada’s over 50 years of automotive business experience comes to play in its automotive financing program. The loan program is designed to aid auto dealers in achieving a successful franchise dealership business.
GBC’s professional personnel works with automotive dealers in providing tailored financing solutions, including an in-house leasing program for personal or corporate customers, term financing, and more.
The automotive dealership financing program is ideal for equipment dealers and automotive retailers. Available loan terms include fixed or floating rates, five years terms, 20 years amortization, and CAD denominated.
Project Types
- Lease Lines
- Mortgages
- Re-imaging
- Building Construction
General Bank of Canada Aviation Financing
General Bank of Canada provides aviation and aircraft-related financing program for individuals and corporations at competitive rates and flexible payment structures. The bank has a team of aviation experts that can assess your unique needs and provide tailored financing solutions.
Similarly, GBC’s Corporate Aviation Financing aims to ease business owners’ daily challenges by providing a structured financial package for a private corporate aircraft. GBC can be the ideal solution if you’re a business owner needing convenience and flexibility in owning a private plane. In that case, General Bank of Canada corporate aviation professionals can handle the finances and paper works for you, giving you ample time to focus on your business.
The corporate aviation financing program is ideal for aircraft acquisition, refinancing an existing aircraft, refurbishing, or a complete engine overhaul.
Loan Terms
- Fixed or floating rates
- Interim and term financing
- CAD Denominated
- Five years terms and 15 years of amortizations
- Aviation financing loans starting from CAD 750,000
Aircraft Types
- Jet
- Piston
- Turboprop
- Rotary
General Bank of Canada Guaranteed Deposits
Guaranteed Investment Certificates (GICs) are suitable investment portfolios for people looking to securely use their principal to generate guaranteed returns on their investment. General Bank of Canada provides industry-compliant Guaranteed Investment Certificates (GICs) to individual investors, helping them actualize their investment goals.
GBC Guaranteed Investment Certificates (GICs)
General Bank of Canada offers Guaranteed Investment Certificates (GICs) of different terms with guaranteed interest rates. GBC GICs are available in the short-term and long-term non-registered GICs.
As a Registered Deposit Brokers Association (RDBA) member, General Bank of Canada Guaranteed Investment Certificates (GICs) are available through several independent deposit brokers, investment advisors, and security dealers.
Short-Term GIC Rates
| Duration | Less than one year |
| Minimum deposit | CAD 10,000 |
| 90 Days – 119 Days | 0.25% |
| 120 Days – 179 Days | 0.25% |
| 180 Days – 269 Days | 0.25% |
| 270 Days – 364 Days | 0.25% |
Long-Term GIC Rates
| Duration | 1- 5 years |
| Minimum deposit | CAD 5,000 |
| 1 Year | 0.62% |
| 2 Years | 0.81% |
| 3 Years | 1.06% |
| 4 Years | 1.32% |
| 5 Years | 1.55% |
Disclaimer: These are current rates at the time of writing. These rates are subject to change at the discretion of the issuer. Contact the provider for current and up-to-date rates.
GBC Online
General Bank of Canada provides online access for its customers via the GBC Online portal. The GBC Online portal shows the principal loan amount of the user. GBC Online is a web-based banking portal accessible on any internet-enabled web browser.
Security and Regulations
General Bank of Canada protects its customers’ investments by providing maximum coverage for investments in Canadian funds. As a Canada Deposit Insurance Corporation (CDIC) member, the deposits are insured up to $100,000. Eligible products for deposit insurance include:
Term Deposit: Non-Registered Non-Redeemable Term Deposit
Guaranteed Investment Certificates (GICs): Non-Registered Non-Cashable GIC
GBC Customer Service
For feedback and loan inquiries, you can contact the customer service unit of General Bank of Canada via the following channels:
Email: info@generalbank.ca
Telephone: 1-877-443-5620
Mail:
Suite 100 – 11523
100 Ave N.W.
Edmonton, Alberta.
T5K 0J8
Editor’s Review
General Bank of Canada is a financial specialty bank providing loan services to individuals, businesses, and corporations. Unlike other traditional banks, the bank doesn’t offer bank deposit services, such as savings and chequing accounts.
If you have a business or are in need of financing your auto acquisition, real estate, or aviation-related needs, the General Bank of Canada might be an ideal partner for your business and a suitable financial companion for your personal needs.
FAQs
Does GBC offer banking services to Seniors?
GBC does not have specific products or services for seniors. However, GBC observes the Canadian Bankers Association Voluntary Code of Conduct for the Delivery of Banking Services to Seniors.
How can I make extra payments or pay out my auto loan?
You may make a bill payment from your personal bank account through your online access, telephone banking, or in-branch. Alternatively, you may send a cheque or draft in Canadian Funds, made payable to the General Bank of Canada, to the bank’s Mail address.
What are the penalties for paying out my auto loan?
You may make extra payments or pay all your General Bank of Canada loans at any time without any penalties.
