You will need to visit a bank sooner or later in order to manage your financial matters: saving money, writing and cashing cheques, receiving loans and or mortgages to buy a house or car.

Two pieces of identification (such as a driver’s license, social insurance number or passport) are usually required to open a bank account. Most banks will charge a fee for their services, so it’s a good idea to compare banks for the best account for your needs.

Banking in Canada has become extremely convenient -- in most cases, customers are no longer required to stand in lineups to complete simple transactions like withdrawals, transfers, and deposits.

Automated bank machines (ABM’s), telephone and online services have replaced tellers for day-to-day banking. However, tellers will still be happy to help, and many banks provide service in English, French, Chinese and other languages.

To open an account, simply go to the branch you want to deal with and look for a service desk with a sign that says “new accounts.” You will generally need your passport plus other accepted pieces of identification including a major credit card, an Alberta driver’s license, Alberta Health Care Insurance card, social insurance card or a birth certificate. Some branches will not allow you to open an account until you can provide a home address in Edmonton.
 
There are three main types of accounts. Savings accounts usually earn higher interest rates than other accounts but do not allow you to write cheques. Chequing accounts do not usually pay interest but you do have the convenience of writing cheques. Combination accounts provide some interest income and a restricted number of cheques per month.

You will be given a swipe card when you open an account, which allows you to access your money through bank machines for deposits, withdrawals and payment of bills during and after normal banking hours. This is also a debit card, which allows you to make payments at any business using the Interac debit system. You must get a PIN (personal identification number) to access your account through a bank machine or debit machine. This number is your only protection against unauthorized use. Do not reveal it to anyone – even bank employees. If you lose your card, report the loss to your bank immediately.

Internet banking, now offered by most banks, allows you to check account balances, pay bills and transfer money on-line. Most branches are open from 9:30 or 10 a.m. to 4 p.m. on weekdays and closed on Saturdays and Sundays. However, some banks, especially in malls, have longer hours and are open on Saturdays. Check with your branch to find out their hours.

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