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Opening An Account: Your Rights And Responsibilities
Your rights
All Canadians have the right to open an account at a bank.
You must show the bank an acceptable form of identification in order to open a personal bank account. To learn more about what types of identification are acceptable and when a bank can refuse to open a bank account for you, see FCAC’s publication, Opening a Personal Bank Account. Other financial institutions, such as credit unions and caisses populaires, are regulated provincially and may have different requirements.
When you open an account at a federally regulated financial institution, the institution must provide you in writing, or electronically if you agree to receive information in this format, with certain information about your account and how it will work. This includes:
- a copy of the account agreement within seven business days after the account is opened
- information about all charges applicable to the account
- information about how you will be notified of any increase in those charges and of any new charges applicable to the account
- information on the financial institution’s complaint-handling procedures.
You also have the right to close an account, without charge, within 14 days of opening it.
What you should do if you feel your rights are not being respected
If you feel that a federally regulated financial institution is not respecting your rights, contact FCAC.
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