# Exploring perceptions, behaviours, and experiences in relation to My VAC Account - Text Description

Figure 1: Awareness of department/agency dedicated to financial education
Yes | 55%
No | 10%
I don't know | 35%

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Figure 2: Awareness of GC Department Dedicated to Financial Education of Consumers
Yes | 25%
No | 29%
Don't know | 46%

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Figure 3: Familiarity with FCAC
Very familiar | 1%
Somewhat familiar | 7%
Not very familiar | 24%
Heard of them, but not at all familiar | 17%
Never heard of them | 48%
Don't know | 3%

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Figure 4: Preferred Method of Banking
Online or using your bank's website | 51%
Via a mobile app | 24%
In person at a branch | 13%
Using an ATM (automated teller machine) | 8%
By phone | 4%
Other | 1%

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Figure 5: Preferred Payment Method
Debit card | 45%
Credit card | 43%
Cash | 7%
Mobile app | 3%
Electronic money transfer | 2%
Cheque | 0%

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Figure 6: Preferred Payment Method
| More often | About as often | Less often
Contactless payments | 56% | 36% | 8%
E-transfers | 49% | 43% | 8%
Credit card | 38% | 47% | 16%
Debit card | 28% | 52% | 20%
Mobile wallets | 20% | 49% | 31%
Cash | 6% | 24% | 71%
Cheques | 3% | 43% | 54%

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Figure 7: Awareness of Increased Contactless Payment Limits
Yes | 47%
No | 50%
Don't know | 3%

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Figure 8: Use of Contactless Payment
Yes | 51%
No | 49%

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Figure 9: Impact of Retailers' Preference for Cashless Payment
Affected a lot | 11%
Affected a little | 31%
Not at all affected | 57%

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Figure 10: Payment Method Used as Replacement for Cash
E-transfer | 2%
Contactless payments (e.g., tapping your card at a retailor) | 16%
Mobile Wallet | 2%
Cheque | 0%
Debit card | 38%
Credit card | 33%
I find another retailer who accepted cash | 5%
I have not encountered a retailer who does not accept cash | 4%

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Figure 11: Impact of Branch Closures
A lot because there are few or no other branches nearby | 26%
A little since I had to change where I do my banking | 33%
Not much since the new location was still easy to get to | 11%
Not at all since I do most of my banking online | 16%
Other | 19%

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Figure 12: Personal Impact of Branch Closures
I have had difficulty contacting my bank | 9%
I deposited a cheque in an ABM (or by another means) | 7%
I incurred a fee to use another bank's ABM | 5%
I was charged fees/interest I did not know about | 3%
I have had issues accessing my funds | 3%
I have been unable to get issues with my bank resolved | 3%
I was unable to lodge a complaint with my bank | 1%
The bank was unable to open a bank account for me | 1%
There was a hold on my federal government cheque | 1%
I cashed a federal govt. cheque somewhere other than a bank | 1%
Other | 6%
I did not experience any issues because of a branch closure | 70%

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Figure 13: Fees/Interest Incurred Due to COVID-19
Overdraft | 11%
Withdrawal from an ABM | 10%
Late payment | 9%
Non-sufficient funds | 8%
Missed payment fee | 6%
Interest for payments outside grace period | 6%
Fees for exceeding credit limits | 6%
Exceeding monthly transaction limit | 6%
Increased interest rate | 4%
Balance transfer fee | 4%
Cash advance fee | 4%
Other fees or interest | 3%
Incurred no fees or interest | 61%

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Figure 14: Contacting Bank for Refund
All of the fees/interest charges were refunded | 11%
Some of the fees/interest charges were refunded, but not all | 9%
None of the fees/interest charges were refunded | 80%

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Figure 15: Changes to Credit Limits since March 2020
All credit limits have increased | 5%
Some credit limits have increased | 8%
Some have remained the same, others have decreased | 2%
Some credit limits have increased, some have decreased | 1%
All credit limits have decreased | 2%
Credit limits have not changed | 74%
I don't have any credit products | 8%

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Figure 16: Changes to Credit Limits since March 2020 [Time Series]
| All credit limits increased | Some credit limits increased | Some credit limits decreased | Some increased, some decreased | All credit limits decreased
Wave 1 | 3% | 6% | 1% | 1% | 1%
Wave 2 | 3% | 5% | 2% | 1% | 1%
Wave 3 | 3% | 7% | 2% | 1% | 2%
Wave 4 | 3% | 6% | 2% | 1% | 2%
Wave 5 | 3% | 9% | 2% | 1% | 2%
Wave 6 | 4% | 9% | 2% | 1% | 2%
Wave 7 | 5% | 8% | 2% | 1% | 2%
Wave 8 | 6% | 11% | 3% | 1% | 2%
Wave 9 | 6% | 10% | 3% | 2% | 4%
Wave 10 | 6% | 13% | 3% | 1% | 3%

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Figure 17: COVID-19 Information Received from Bank
Steps banks are taking to provide service | 59%
Information about ways to bank during the pandemic | 49%
How to contact the bank if I need financial help | 43%
Information about payment deferrals | 28%
Information about branch closures | 27%
How to access government benefits during the pandemic | 22%
Information about budgeting or financial planning | 17%
Signing up for direct deposit | 13%
Information about waived or lowered fees | 13%
Information on lowering interest rates on credit products | 8%
None of the above | 4%

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Figure 18: Perceptions of COVID-19 Information from Bank
| Strongly agree | Somewhat agree | Neither agree nor disagree | Somewhat disagree | Strongly disagree
The communications from my bank about COVID-19 are easy to understand | 36% | 39% | 16% | 5% | 4%
I am receiving COVID-19 communications from my bank in my preferred format | 37% | 33% | 19% | 5% | 6%
The communications from my bank regarding COVID-19 have been helpful | 21% | 35% | 32% | 7% | 5%

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Figure 19: Perceptions of COVID-19 Response from Bank
| Strongly agree | Somewhat agree | Neither agree nor disagree | Somewhat disagree | Strongly disagree
I am satisfied with the way my bank is responding to the COVID-19 crisis | 24% | 31% | 30% | 9% | 7%
I know what options my bank has available if I need financial help | 18% | 31% | 20% | 18% | 13%
I would like more information about the bank's response to the pandemic | 14% | 23% | 36% | 16% | 11%

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Figure 20: Problems with Bank Since March 2020
Yes, the problem was related to the COVID-19 pandemic | 51%
No, the problem was not related to the COVID-19 pandemic | 49%

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Figure 21: Problems Encountered with Bank Since March 2020
The behaviour of a bank employee, or poor customer service | 28%
An issue that prevented you from accessing your funds, having a credit card rejected at a store, or having an unexpected hold placed on a deposited cheque | 19%
Banking services or fees that were not what you were told or expected | 16%
A transaction error, whether it was something a store did or the bank did | 16%
Being charged for a banking service you didn't agree to | 11%
Fraud or other unauthorized access to your funds | 10%
Problem with the bank's hardship program | 9%
Being misled about or pressured into signing up for a banking product or service | 9%
Bank account, loan, credit card or mortgage interest rates that were not what you were told or expected | 8%
Aggressive activities related to debt collection or service cancellation | 7%
Having your credit limit increased or lowered without your consent | 6%
A data breach or misuse of your personal information | 5%
Other | 25%

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Figure 22: Contact with Bank Re: Problems
Yes, and my problem was resolved | 27%
Yes, and my problem is in the process of being resolved | 11%
Yes, but my problem was not resolved | 40%
No, I did not contact my bank | 23%

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Figure 23: Sources of Information re: Hardship Programs
Radio or television | 52%
Internet | 37%
Bank | 36%
Social media | 29%
Print media | 18%
A friend or family member | 14%
A professional financial advisor or planner | 5%
Other | 2%

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Figure 24: Contact with Bank for Financial Help [Time Series]
| Wave 1 2020/Aug | Wave 2 2020/Sept | Wave 3 2020/Oct | Wave 4 2020/Nov | Wave 5 2020/Dec | Wave 6 2021/Jan | Wave 7 2021/Feb | Wave 8 2021/Mar | Wave 9 2021/Apr | Wave 10 2021/May
Yes | 12% | 13% | 12% | 12% | 19% | 18% | 18% | 18% | 17% | 15%
No | 88% | 87% | 88% | 88% | 81% | 82% | 82% | 82% | 83% | 85%
Base | 1167 | 1449 | 1596 | 1252 | 1050 | 1076 | 991 | 1017 | 1279 | 1157

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Figure 25: Methods Used to Contact Bank
Phone | 59%
Online | 18%
In person at a branch | 12%
Email | 11%
Regular mail | 1%

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Figure 26: Contact Methods Used by Bank
Phone | 48%
Email | 25%
Online | 21%
In branch | 16%
Regular mail | 6%
I did not get any details about the program | 6%

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Figure 27: Outcome of Contact with Bank
I received financial help | 52%
After the program was explained, I declined financial help | 8%
I gave up because the wait time was too long | 12%
I gave up because I did not know who to contact within the bank | 7%
I was denied financial help | 21%

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Figure 28: Outcome of Contact with Bank [Time Series]
| Wave 1 2020/Aug | Wave 2 2020/Sept | Wave 3 2020/Oct | Wave 4 2020/Nov | Wave 5 2020/Dec | Wave 6 2021/Jan | Wave 7 2021/Feb | Wave 8 2021/Mar | Wave 9 2021/Apr | Wave 10 2021/May
I received financial help | 47% | 55% | 60% | 56% | 53% | 44% | 49% | 56% | 43% | 51%
After the program was explained, I declined financial help | 10% | 12% | 14% | 12% | 12% | 8% | 11% | 5% | 10% | 8%
I gave up because the wait time was too long | 16% | 8% | 7% | 11% | 12% | 15% | 12% | 17% | 14% | 15%
I gave up because I did not know who to contact within the bank | 7% | 5% | 1% | 6% | 6% | 10% | 6% | 7% | 12% | 5%
I was denied financial help | 19% | 21% | 18% | 15% | 16% | 23% | 22% | 15% | 22% | 22%
Base | 125 | 173 | 181 | 140 | 177 | 177 | 160 | 162 | 190 | 158

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Figure 29: Type of Financial Help Received
Deferred mortgage payments | 52%
Deferred payments on a car loan | 17%
Deferred payments on outstanding credit card balances | 15%
Reduced interest rate on credit card balances | 10%
Increased credit limit on a personal line of credit | 5%
Increased credit limit on a credit card to manage day-to-day spending | 3%
Reduced interest rate on credit products other than credit cards | 3%
Increased credit limit on a home equity line of credit | 2%
Other | 26%

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Figure 30: Type of Financial Help Received [Time Series]
| Wave 1 2020/Aug | Wave 2 2020/Sept | Wave 3 2020/Oct | Wave 4 2020/Nov | Wave 5 2020/Dec | Wave 6 2021/Jan | Wave 7 2021/Feb | Wave 8 2021/Mar | Wave 9 2021/Apr | Wave 10 2021/May
Deferred mortgage payments | 69% | 61% | 54% | 65% | 61% | 52% | 46% | 49% | 52% | 49%
Deferred payments on outstanding credit card balances | 15% | 15% | 18% | 16% | 15% | 14% | 14% | 10% | 15% | 8%
Reduced interest rate on credit card balances | 7% | 14% | 7% | 14% | 8% | 7% | 7% | 8% | 9% | 9%
Increased credit limit on a personal line of credit | 7% | 1% | 3% | 1% | 5% | 1% | 3% | 8% | 15% | 6%
Increased credit limit on a home equity line of credit | 3% | 1% | 4% | 0% | 0% | 0% | 3% | 0% | 4% | 3%
Increased credit limit on a credit card to manage day-to-day spending | 3% | 2% | 1% | 1% | 2% | 3% | 1% | 2% | 0% | 3%
Reduced interest rate on credit products other than credit cards | 2% | 1% | 2% | 3% | 6% | 3% | 5% | 1% | 0% | 8%
Deferred payments on a car loan | 15% | 9% | 22% | 22% | 14% | 18% | 14% | 16% | 13% | 12%
Other | 17% | 22% | 16% | 21% | 19% | 25% | 31% | 33% | 20% | 25%

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Figure 31: Length of Hardship Program
Less than 1 month | 14%
1 month to less than 2 months | 9%
2 months to less than 3 months | 14%
3 months to less than 4 months | 14%
4 months to less than 5 months | 3%
5 months to less than 6 months | 16%
6 months or longer | 30%

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Figure 32: Reasons for Not Contacting Bank for Financial Help
Not confident it would be resolved | 11%
Too small an amount/no big deal | 5%
I didn't know how or who to contact | 4%
It required too much effort | 3%
It would have taken too long | 2%
It was too difficult to contact my bank | 2%
Other | 6%
Did not experience any financial hardship | 71%
I do not have any products or services with a bank | 1%

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Figure 33: Reasons for Declining Financial Help
I did not like the details of the program | 22% | 167
Enrolling would have a negative effect on my credit score | 13% | 167
It required too much effort/it was not worth the effort | 11% | 167
It would have taken too long | 4% | 167
The help would not have given me much benefit | 28% | 167
I found other means of financial help | 21% | 167
I was worried about future obligations/price tag | 28% | 167
Other | 12% | 167

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Figure 34: Perceptions of Hardship Program
| Strongly agree | Somewhat agree | Neither agree nor disagree | Somewhat disagree | Strongly disagree
I am satisfied with the way the bank responded to my request | 46% | 34% | 6% | 7% | 8%
I understand my obligations under the program | 45% | 34% | 7% | 8% | 7%
The bank clearly disclosed the terms and conditions of the program | 42% | 29% | 9% | 9% | 11%
I trust the advice the bank gave me about my options | 33% | 35% | 15% | 9% | 9%

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Figure 35: Perceptions of Bank Service
| Strongly agree | Somewhat agree | Neither agree nor disagree | Somewhat disagree | Strongly disagree
The bank dealt with my request in a reasonable amount of time | 45% | 29% | 5% | 9% | 12%
It was easy to contact the bank about the program | 36% | 30% | 7% | 13% | 14%
The bank clearly explained the options available to me | 31% | 27% | 12% | 13% | 16%
The bank kept me informed about the status of my request | 31% | 25% | 13% | 15% | 17%

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Figure 36: Contact with Other Banks for Financial Assistance
Other lender | 16%
Insurance company | 10%
Credit union | 5%
Securities firm | 2%
Other | 7%
I did not contact anyone | 66%

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Figure 37: End of Hardship Program [Time Series]
| Wave 1 2020/Aug | Wave 2 2020/Sept | Wave 3 2020/Oct | Wave 4 2020/Nov | Wave 5 2020/Dec | Wave 6 2021/Jan | Wave 7 2021/Feb | Wave 8 2021/Mar | Wave 9 2021/Apr | Wave 10 2021/May
Yes | 52% | 43% | 62% | 77% | 74% | 70% | 71% | 80% | 74% | 72%
No | 48% | 57% | 38% | 23% | 26% | 30% | 29% | 20% | 26% | 28%
Base | 54 | 92 | 101 | 74 | 89 | 69 | 73 | 87 | 73 | 76

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Figure 38: Contacted by Bank to Discuss Program Ending [Time Series]
| Wave 1 2020/Aug | Wave 2 2020/Sept | Wave 3 2020/Oct | Wave 4 2020/Nov | Wave 5 2020/Dec | Wave 6 2021/Jan | Wave 7 2021/Feb | Wave 8 2021/Mar | Wave 9 2021/Apr | Wave 10 2021/May
Yes | 14% | 28% | 45% | 43% | 38% | 37% | 37% | 39% | 38% | 25%
No | 86% | 73% | 55% | 57% | 62% | 63% | 63% | 61% | 62% | 75%
Base | 28 | 40 | 62 | 56 | 66 | 46 | 51 | 67 | 53 | 52

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Figure 39: Alternative Program Offered after End of Initial Program [Time Series]
Wave 5 | 35%
Wave 6 | 54%
Wave 7 | 64%
Wave 8 | 54%
Wave 9 | 63%
Wave 10 | 56%
Wave 5 to 10 | 47%

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Figure 40: Relief Measures Offered by Bank Once Initial Program was Complete [Time Series]
Deferred mortgage payments | 14%
Reduced interest rate on credit products other than credit cards | 4%
Increased credit limit on a personal line of credit | 4%
Deferred payments on a car loan | 4%
Refinancing of existing debt | 3%
Increased credit limit on a credit card | 2%
Deferred payments on outstanding credit card balances | 2%
Increased credit limit on a home equity line of credit | 2%
Reduced interest rate on credit card balances | 1%
Other | 10%
My bank has not offered to continue relief measures | 60%

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Figure 41: Keeping Bills and Financial Commitments Current [Time Series]
| Easier | About the same | Harder
Wave 5 | 27% | 32% | 41%
Wave 6 | 33% | 40% | 27%
Wave 7 | 37% | 42% | 21%
Wave 8 | 27% | 41% | 32%
Wave 9 | 36% | 43% | 21%
Wave 10 | 33% | 43% | 24%
Wave 5 to 10 | 28% | 42% | 31%

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Figure 42: Personal Bank Account
Yes | 94.54%
No | 5.46%

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Figure 43: Intended Use of Payment Methods Post-Pandemic
| Increase | Stay about the same | Decrease
Mobile payments to pay for your purchases | 24% | 70% | 6%
Contactless purchases with your credit or debit card | 21% | 73% | 7%
Cash | 20% | 54% | 25%
E-transfers | 19% | 76% | 5%
Mobile banking | 17% | 81% | 2%
Online banking | 14% | 83% | 3%
Branch banking | 13% | 66% | 20%
ATMs | 11% | 70% | 19%
Prepaid cards | 12% | 62% | 26%
Other | 23% | 71% | 6%

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Figure 44: Use of Multiple Financial Institutions
My cards are all with the same FI | 35%
My cards are split between two different FIs | 39%
My cards are split between three or more FIs | 26%

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Figure 45: Accessing New Financial Products via Online/Mobile Banking since March 2020
...it was convenient | 47%
…it was faster than doing so in person | 30%
… I wanted to minimize in-person contact | 28%
… there was a promotional offer | 24%
… I was unable to apply for or open it in person | 12%
... Tried to open or apply another way, but was told to do so online | 8%
Other | 11%
Don't know | 1%
Prefer not to say | 1%

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Figure 46: Delaying Opening New Financial Products since March 2020
My income was reduced compared to last year | 35%
I couldn't visit a branch and meet with a customer service representative because the branch was closed | 24%
I couldn't visit a branch and meet with a customer service representative for reasons unrelated to the branch being closed | 16%
I needed more time to meet the qualification criteria | 16%
I lost my job | 16%
Other | 15%
I started a new job | 5%
Don't know | 4%
Prefer not to say | 3%

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Figure 47: Sharing Banking Information for Advice or to Purchase Financial Products/Services
I am currently sharing my online or mobile banking login information | 54%
I am NOT currently sharing my online or mobile banking login information | 46%

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Figure 48: Unauthorized Use of Bank/Credit Card Number in the last 2 Years
Yes, debit card only | 4% | 2%
Yes, credit card only | 18% | 10%
Yes, both credit card and debit card | 1% | 1%
Neither | 77% | 87%

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Figure 49: Occurrence of Unauthorized Transactions by Type of Card
| Once | Twice | 3 to 5 times | 6 to 10 times | More than 10 times
Credit card | 66% | 21% | 9% | 3% | 1%
Debit card | 77% | 12% | 8% | 0% | 4%

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Figure 50: Contact with FI about Unauthorized Transactions
Bank | 86%
Credit union | 5%
Trust company | 1%
Other | 8%

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Figure 51: Reasons FIs gave for not reimbursing unauthorized transactions
…it is a dispute with the merchant | 30%
...I took too long to report it | 17%
...I authorized the transaction | 13%
…my PIN was used | 4%
Other | 13%
Don't know | 13%
Prefer not to say | 9%

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