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Frequently Asked Questions
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Question:
Can a financial institution refuse to open a personal bank account for me?
Answer:
Under Canadian law — subject to certain conditions — everyone has the right to open a personal bank account.
A bank cannot refuse to open a bank account for you because you are unemployed, or do not make a minimum deposit right away, or because you have previously been bankrupt — as long as you have the proper identification. For a list of acceptable identification, click on the link in the Resources section below.
However, you should note that a bank does not have to open a personal account for you if:
- it believes that you plan to use the account for illegal or fraudulent purposes;
- you have a history of illegal or fraudulent activity with respect to financial services providers during seven years prior to your request to open an account;
- it believes that you knowingly made false statements in the information you provided to the bank;
- it believes that opening the account would subject other customers or employees to physical harm, harassment or other types of abuse;
- you refuse to consent to the bank verifying the identification you presented, or verifying whether any of the conditions listed here apply; or
- the request was made at a branch or a point of service where the only accounts offered are those linked to another financial institution.
If a financial institution refuses to open a personal bank account for you, it must notify you of its refusal in writing. The bank must also tell you how to contact FCAC. If you are unable to resolve your dispute with the financial institution, you should contact us.
You can also make a complaint to the financial institution. Federal financial consumer protection legislation requires all federally regulated financial institutions to have a complaint-handling process in place to help resolve disputes between consumers and their financial institutions. This process includes a third-party dispute-resolution body.
FCAC publishes the complaint-handling process for all federally regulated financial institutions on its Web site. To find the complaint-handling process for your financial institution, click here . If you are having difficulty finding this information, call our Consumer Contact Centre at 1-866-461-3222 (toll-free).
Resource(s):
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Access to Basic Banking Services Regulations:
Full Text (Department of Justice) -
FCAC’s Consumer Service Centre: 1-866-461-3222 (toll-free)
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FCAC's Complaint-handling Process Search Tool
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Opening a Personal Bank Account: Understanding Your Rights
Classification of this FAQ:
| Category | Sub-category |
|---|---|
| Accounts | Opening |
| Consumer protection |
Related Question(s):
- I can't afford expensive service fees, but I still need a bank account. What are my options?
- Can a financial institution refuse to open a business account for me because I have a poor credit rating?
- If I haven't changed the address on my driver's licence to my new address, is it still considered to be a valid piece of identification for opening an account?
- Bank legislation refers to both retail deposit accounts and personal deposit accounts. Are these the same?
- Can I open a bank account in Canada even though I am not a citizen and I reside in another country?
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