It is important to submit current and valid identification proofs such as Social Insurance Number (SIN), driver's license, passport, and /or residential card, to your desired banking service provider, in order to open a Chequing account. Explore more on the process of opening a Chequing Account and documents required by wading through this article
A Chequing Account is an everyday transactional account, that is devised to cater to your routine banking needs. It is a one-stop destination to receive your salary cheque, pay shopping and utility bills, deposit funds, and withdraw cash with ease, using a debit card or an Automatic Banking Machine (ABM). The online banking facility aids you to make hassle-free online payments and money transfers. However, such accounts offer very low or nil interest rates and are unsuitable for accumulating or growing your money.
It is authorized by law, for every Canadian citizen to have a bank account even though he/she has filed for bankruptcy or is not employed. The account doesn’t mandate you to keep a minimum balance and doesn’t evaluate your credit history. Furthermore, your citizenship status doesn’t affect you from having a Chequing account in Canada.
Based on the banking service provider, you may be able to process the application form online. In most cases, if you are already a customer of the financial institution, you are allowed to choose the online mode. However, some providers will necessitate you to visit the branch for application and verification.
In both the application modes, you are obliged to disclose your basic details such as your full name, date of birth, and contact information including your phone number and address.
You are required to substantiate the information disclosed in your application form by including two of your valid identification proofs. Please note that your identification proofs must be current and valid.
You may choose from:
Pick one document that validates your name and address and another that validates your name and age.
A few financial institutions offer concessions to senior citizens and/or full-time students. In such cases, it is important that you submit your proof of age, social security card (senior citizens), and/or proof of full-time enrollment at an educational institution.
Before you agree to the terms and conditions of your service provider, here are a few things that you need to look into:
In most cases, your bank account will be opened in one or two days’ time. Your debit card and online banking details will either be handed over to you in person or mailed to your postal address. You are required to activate your debit card and set up a new pin number.
Once your account is up and running,
It is an indirect tool to track your monthly cash flows. It helps you to maintain a healthy lifestyle under a budget that will help you create financial stability in the future.