I want to manage my finances
How complicated is it to open a bank account?
Bank or credit union? Banking package or transaction fees? It's not really all that complicated. Here are the key things you need to know before you open a bank account.
This is an acouunt in which you can deposit and withdraw money. The list of transactions you can perform includes: paying bills, depositing cheques, depositing your pay, withdrawing cash (debit card), writing cheques, and making pre-authorized (automatic) deposits and withdrawals.
Watch out for fees
For every transaction, you may be charged a fee. These can add up to a certain amount by the end of the month. Therefore it can be to your advantage to choose a banking package. The package includes a certain number of transactions per month for a fixed fee.
Youth or student account
Some institutions may offer you a special account with an economical fee (from $0 to $11). Others offer low-cost accounts below $4 a month. Check whether you will be able to carry out all the transactions you want, such as withdrawing cash from an ATM using a debit card. Check also how much you would be charged for any extra transaction.
Bank or credit union?
In order to make a wise choice, check out the following:
Open an account online or visit the institution of your choice armed with two pieces of ID. The main types of ID accepted are: