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For Consumers |
Consumer Protection: Know Your Rights |
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Opening a bank account
What Do I Need When Opening a Personal Bank Account?
When opening a personal account at a bank branch, you must present either two pieces of
acceptable identification or one piece and a sponsor.
The documents that you present must be original and in good condition. They must also be current, since
a piece of identification is not valid after its expiry date.
If you have only one piece of acceptable identification,
then you'll need another person to confirm your identity to the bank. This person has to be a client in good standing
with the bank or an individual of good standing in the community where the bank is located.
To verify your identity, the bank may also ask for documents such as a recent utility bill that
includes your name and address.
Also, if the personal bank account you're opening pays interest, the Income Tax Act requires
the bank to ask you for your Social Insurance Number (SIN). If the account doesn't pay interest,
you do not need to provide your SIN card to the bank as an identification piece if you choose not to do so.
If you don't have acceptable identification, contact your federal, provincial or
territorial government to obtain what you need.
How your new banking rights affect opening a personal bank account
Remember that under the new rules, a bank can't refuse to open a personal bank account for you just because:
- you don't have a job;
- you are or have been bankrupt; or
- you're not depositing money into the account.
Sometimes, however, the bank may legitimately ask you to make a deposit.
For example, if you're ordering cheques and they don't come free of charge,
the bank may ask you to deposit enough money to pay for them.
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