A chartered bank is a government-licensed bank that takes deposits and makes loans. In Canada it is a Bank Act category, not a nickname. The Big Six (BMO, CIBC, TD, Scotiabank, RBC, and National Bank) are the main examples and hold most banking assets. Credit unions and caisses populaires are member-owned and separate. Other countries have the same kind of institution but usually just call it a bank or a commercial bank.

Click Here for our lesson on Canadian Banking Essentials