Opening a Bank Account

Before you start

People opening a personal deposit account, including newcomers and people without employment. Rules for a deposit account are not the same as approval for credit.

• Ask the bank which of FCAC’s identification routes it can use for you and bring originals, not photocopies.
• Write down your likely monthly transactions, ATM use and international transfers so you can compare total fees.
• Ask what happens after any newcomer promotion ends, whether a minimum balance is required, and which services are optional.

Program rules: Financial Consumer Agency of Canada. Preparation questions are suggestions, not extra eligibility requirements.

Steps

1. Choose an account for everyday needs

   List how you will receive income, pay rent and bills, withdraw cash and send money. Compare monthly charges, included transactions, ATM fees and any minimum balance. Ask what happens when a promotional offer ends. This guide does not recommend a particular bank or product.
2. Check the identification route before your visit

   FCAC describes two identification routes for banks. One uses two reliable-source documents: one showing your name and address and another showing your name and date of birth. Another uses a reliable-source name/date-of-birth document plus identity confirmation by a customer in good standing or a person of good standing in the community. Read the exact accepted-document rules and discuss your situation with the bank.
3. Ask about non-citizen and newcomer access

   Not being a Canadian citizen does not automatically prevent you from opening an account. Proper identification is required and you may need to visit in person. Lack of a job, an immediate deposit or a previous bankruptcy does not by itself remove the right to open an account at a bank covered by these rules.
4. Read the agreement before accepting

   Ask for the fee schedule and account terms in a format you understand. Check charges for international transfers, overdrafts and transactions over the included limit. Keep your agreement. Do not accept optional borrowing or insurance simply because you are opening a deposit account.
5. If refused, ask for the written reason and complaint route

   There are lawful reasons for refusing an account, including inability to verify identification. FCAC says a refusing bank must provide a written statement and complaint information, including OBSI and FCAC contact details. Start with the bank’s complaint procedure if you believe the refusal is unfair.

What to expect—and where people get stuck

The bank must verify your identity and provide account information, including fees. Some online-only institutions require an existing account elsewhere.

If refused, ask for the written statement and complaint procedure. A refusal does not automatically mean every other institution will refuse you.