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Know your rights when you open a bank account

(NC) To make informed decisions for your financial health, it's important that you know what you are entitled to as a consumer of financial services when you open a bank account.

Provided you have certain required identification documents, Canadian law gives you the right to open a basic bank account even if you are unemployed, you have declared bankruptcy in the past, or if you do not immediately deposit money into the account. According to a recent survey of consumers regarding their rights and responsibilities, only one third correctly answered a question intended to assess their knowledge of this right.

When you open an account at a federally regulated financial institution, the institution must provide you, either in writing or electronically, with certain information and documents concerning your account and how it will operate. The list of information and documents is available on the Financial Consumer Agency of Canada website at

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