Banks and other financial institutions, such as credit unions, provide a safe option for storing money.
A bank account allows you to:
• write checks
• use ATMs
• receive payments via direct funds transfer
• use a debit or credit card to pay for purchases
You get around-the-clock access to most of these services seven days a week through ATMs, phone, or online banking.
Opening a Bank Account
Protect your PIN, otherwise you may find transactions in your statement that you did not make. If this does happen:
• Contact your bank as soon as possible and report the stolen amount and the date of the fraudulent transaction. The bank will inform you of any further required actions.
• Contact the financial institution that issued your credit card as soon as possible and report the unauthorized transaction. You can also file a report with your local police department.
You can open a bank account even if:
• you are unemployed
• you have no money to deposit into the account immediately
• you have experienced bankruptcy
To open an account, you usually need to:
• visit a financial institution and
• provide an acceptable form of ID in Canada
Contact your bank to find out if there are other ways to open an account. Online-only financial institutions may require you to have an existing account with another financial institution.
Useful Links About Finance and Loans in Canada:
General Credit Information
Mortgage Loans
Debt Reduction
Home Equity Loans
Business Loans
Auto Loans
What is a Credit Rating?
Protect Yourself from Fraud
An official company or financial institution will never ask you for your PIN or password over the phone or online. Your bank will never notify you of a problem with your account via unsolicited email, and you will never be asked to send or confirm personal or financial information by email. Do not respond to such emails. Even if the email looks like it came from your bank, it is likely an attempt to steal your money or personal information.
You may receive calls from people trying to sell you something. Never give your personal information to someone over the phone if you did not call them. If you are unsure about the legitimacy of the caller, simply hang up.
