Bank Act (S.C. 1991, c. 46)

Marginal note:Opening

• 627.17 (1) Subject to subsection (2), a member bank shall, at any point of service or any branch in Canada at which it opens retail deposit accounts through natural persons, open a retail deposit account on the request, made there in person, of a natural person who

  • (a) presents to the member bank

    • (i) two documents from a reliable source — one of which indicates the person’s name and address and the other the person’s name and date of birth — including

      • (A) identification issued by the Government of Canada or the government of a province,

      • (B) recent notices of tax assessments issued by the Government of Canada or the government of a province or municipality,

      • (C) recent statements of benefits from the Government of Canada or the government of a province,

      • (D) recent Canadian public utility bills,

      • (E) recent bank account or credit card statements,

      • (F) foreign passports, and

      • (G) any prescribed document, or

    • (ii) any document from a reliable source that indicates the person’s name and date of birth, if the person’s identity is also confirmed by a customer in good standing with the member bank or by a natural person of good standing in the community where the point of service or branch is located;

  • (b) if the member bank so requests, consents to the member bank’s verifying whether any of the circumstances set out in paragraphs 627.18(1)(a) to (d) applies to the person, and to the member bank’s verifying the documents presented by the person;

  • (c) if the member bank — based on its verification of the circumstances set out in paragraphs 627.18(1)(a) to (d) or of the documents presented by the person or based on any information provided by the person in connection with the request — has reasonable grounds to suspect that the person is misrepresenting their identity, presents to the member bank one piece of identification issued by the Government of Canada or the government of a province that bears the person’s photograph and signature;

  • (d) if the member bank is a federal credit union and so requests, becomes a member of the bank; and

  • (e) meets any prescribed condition.

• Marginal note:Opening at another location

  (2) If a natural person who meets the conditions set out in subsection (1) requests the opening of a retail deposit account at a point of service at which the opening of such an account can only be initiated, the member bank is not required to open the account at that point of service; however, the bank shall open the account at another physical location.

• Marginal note:Request made in other manner

  (3) A member bank shall open a retail deposit account for any natural person who requests it in any prescribed manner and who meets any prescribed condition.

• Marginal note:No minimum deposit or balance required

  (4) A member bank shall not require the natural person to make an initial minimum deposit or maintain a minimum balance.