To open an account, you have to go to the bank in person and show at least two pieces of identification (I.D.). You must use original, valid I.D. Photocopies will not be accepted. Examples of acceptable I.D. include a Canadian driver’s license, Canadian passport, and Permanent Resident Card.
All financial institutions offer free information about their services, including account types and features, debit cards and credit cards. Once you have chosen an institution, you can access your money anywhere as long as there is an Automated Banking Machine (ABM) available and you have a debit card. There are fees associated with banking services.
There are different accounts available at banks:
- Savings accounts are for storing money. The bank will pay you some interest on the money you keep in a savings account.
- Chequing accounts are for day-to-day banking, like paying bills or taking out money. A chequing account will allow you to write cheques and usually includes the use of a debit card.
- Combination accounts are for saving and day-to-day needs.
Debit cards are accepted in many places and are a popular form of payment in Canada. They are a safe, convenient way to pay for purchases using your money in your bank account. When you use your debit card in stores, or at an ABM that is not owned by your financial institution, you may be charged an additional fee.
Cornwall Financial Institutions
Cornwall is home to a number of financial institutions including CIBC, RBC Royal Bank, TD Canada Trust, Scotiabank and BMO Bank of Montreal.
For more information regarding banks and personal finance, please visit the Financial Consumer Agency of Canada website: