Understanding and Using Your New Banking Rights
Opening a bank account
The new regulations apply to personal bank accounts that you request in person at
a bank branch or point of service. They don't apply to accounts you open by telephone or Internet,
or to business or commercial accounts.
Table of Contents
When must a bank open a personal bank account?
What do I need when opening a personal bank account?
When can a bank refuse to open a personal bank account?
What can I do if the bank refuses to open a personal bank account?
What if the bank wants to check your credit file?
Acceptable identification when opening a personal bank account
Information you must receive when you open your account
When opening a deposit account, a financial
institution must provide you with the following information in writing
(either at or before the time the account is opened):
- A copy of the account agreement
- For an account that pays interest, the rate of interest on the account and how it will be calculated (this rule doesn't apply to an account opened with a balance in excess of $150,000)
- All charges applicable to the account
- How you will be notified of any increase in those charges and of any new charges to the account
- The institution's procedures if you have a complaint about any charges to the account
- The institution's policies with respect to hold periods on deposits
The account-opening requirement
applies to any bank branch at which an individual can
open a personal deposit account in person, and to prescribed
"points of service." A point of service is a location
in Canada other than a branch, where a bank carries
on business and an individual can open or initiate the
opening of a personal account (automated banking machines
and other non-staffed locations do not apply).
For more information about your rights and responsibilities when you open a bank account,
click here.
Have a question or complaint?
Call 1-866-461-3222 or contact us via our Web site. If you believe that a financial institution
has breached a consumer law, click here for information on making a complaint.
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