How to Open Bank Account in Canada
Author: Rezene Z.
Instructor: Brooke W.
Photo Credit: bacho12345 / 123RF Stock Photo
Article ID: 2184 [General- Summer 2021]
The bank is a financial institute that help to safely protect personal money and valuable resources with traces of their transactions. Any one who is getting bank service has a personal recognition number which is bank account. A bank account is a financial account that is maintained by financial institution for the record of financial transactions between an institution and customer. It includes the institution code, transit number and account number. Now we are going to see how to open a new account in a commercial bank in Canada.
First, organize two government issued identifications with photo and prof of address (passport, driving license, permanent residence, photo ID SIN and so on). The identification with a photo is crucial and, it helps the bankers to identify individuals by name and image. Clients with unique cases of single documentation, they should have someone in good standing with a financial institution or a community that can prove a client’s identity.
After gathering the necessary documents, go to bank in person and ask for assistance and open an account which can match with the type of service you need to get from the bank. The common accounts are savings account, cash account or investment account. Depending on your personal choice it, might be single holder or joint account holders of the above-mentioned accounts. Next speak with a financial advisor for further information. According the availability and policy of the bank, the advisor fist verify your documents and assist you to get the best match of your need. Also, he may read you the free transactions limits per month, monthly account service charge and opportunities of investment accounts, TFSA (tax free saving account) and RRSP.
Although information is provided to clients online and in person, it’s a personal choice. Then after you decide sign the contract.
Depending on the type of account opened the bank provides access card and credit card if requested by account holder. Then the banker will guide you to have the online bank service (online banking).
Safety is one of the crucial issues that banks seriously handle. They encourage clients to ensure their investment or asset and advise to their clients be aware of scammers. They highly recommend not to share personal banking information with anyone.
As personal experience, I suggest clients to explore more about possible opportunities before they go to bank.