Money Management How do I open a bank account?

How do I open a bank account?

To open a bank account, you’ll need:

  1. Birth Certificate
  2. Proof of Address: This can be an ID, a piece of mail with your name and address, etc.
  3. Photo ID: A health card is not accepted, get information about applying for your Ontario Photo card, or get information about applying for your Drivers License, or get information about applying for a Passport.

Somet things you should know about your new bank account:

  • Fees and renewals: Some bank accounts may have fees associated with them. If you have a student account, you may need to renew your account periodically and provide proof that you are still a student.
  • Overdraft: Overdraft happens when you spend more money than you have in your account. This can result in you needing to pay a fee.
  • NSF: Non-Sufficient Funds (NSF) happens when you try to make a transaction, but you don’t have enough money in your account to cover it. This can lead to fees and may be considered fraud.
  • Lost bank card: If your bank card is lost or stolen, you can report this by calling your bank or through your online banking portal. Acting quickly can help prevent unauthorized use of your card.