FCAC oversees federally regulated financial institutions to make sure they comply with federal consumer protection laws, such as your right to open a basic account at a bank. Other deposit-taking institutions, such as credit unions and caisse populaires, are regulated provincially and may have different regulations. For more information, see Banking: Your rights and responsibilities
The most common types of bank accounts are chequing accounts and savings accounts. You can also open an account at different types of financial institutions, such as a credit union, caisse populaire or trust company.
Before opening an account, find out:
You may also decide to switch your personal account from one financial institution to another. Most financial institutions have processes in place to help you with the administrative side of the move, such as arranging for your old financial institution to transfer all of your pre-authorized debits arrangements to your new account. Keep your old account open and check your statements from both financial institutions until you’re sure that the new one is running smoothly and that payments are not being duplicated. Remember to cut old debit cards and cheques in half to prevent fraud.