If you feel mystified by the happenings of the banking world, you’re not alone. In fact, we are not even hinting at the more complicated services that a bank can offer, like Registered Retirement Savings Plans (RRSPs) or mutual funds. If you’re like the majority of Canadians, even something that seems as simple as a chequing account can lead to questions with ever-so-fleeting answers.
Frequently asked questions
The minimum amount required to open a chequing account will depend on the institution, but it is generally anywhere between $25 and $100.
Depending on your institution, it is often possible to close a bank account either over the telephone, online, or in-person at a branch.
Before you close a bank account, it’s important that you have another bank account opened, and that you have the information for all of your direct deposits switched.
The usual services provided through a chequing account include deposits, withdrawals, bill payments (one-time or repeating), and pre-authorized payments. It is also possible to send money through e-transfers.