What to know about how banking works, opening an account and choosing between a credit union and the Big Six Canadian banks
If you’ve only got one of the above, notes Mr. Labrèche, you are not automatically disqualified from getting a Canadian bank account. “It’s possible to present one piece of identification if your identity can be confirmed by a customer in good standing with the bank or by an individual of good standing in the community,” he says. So if you’ve got one piece of ID and a friend who can vouch for you, bring them with you to the bank.
Those are pragmatic reasons to open a chequing account, but there are psychological reasons, too, why a single account isn’t where you should dump all your cash. Ms. Stroink says that if you see it, you’ll probably spend it, and this is why people put emergency funds and RRSPs in separate, less-accessible spots with a clear purpose so you don’t succumb to the very human impulse to squander your savings.
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