Access to Basic Banking Statement

At Coast Capital Savings Federal Credit Union (“Coast Capital Savings”) you may open a retail deposit account at any one of our branch locations as long as you meet certain conditions. Even if you don’t have an account with us, you may cash Government of Canada cheques or other instruments, free of charge, again, as long as you meet certain conditions.

In this document, you’ll find information on the conditions for opening a retail deposit account or cashing a Government of Canada cheque or other instrument, as well as lists of acceptable forms of identification and FAQs.

Opening an Account

Required Information

In order to open a retail deposit account with us, you must:

  1. Present a valid piece of identification from the list in Schedule A (see below).
  2. Either:
    1. Present a second valid piece of identification from Schedule A or Schedule B (see below); or
    2. Arrange for another member of Coast Capital Savings who is in good standing or a person of good standing in the community to confirm your identity with us.
  3. Provide us with your name, date of birth, address, and occupation (if any) – if these do not appear in the identification you had provided to us.
  4. Allow us to verify the pieces of identification and information that you have provided and to verify whether any reasons to refuse to open a retail deposit account apply to you.
  5. Become a member of Coast Capital Savings.

We will record the particulars of any identification document that you present to us. If the name shown on one piece of identification you have presented is different from that shown on another, you are required to provide us with a certificate with evidence of the change of name, a certified copy of that certificate, or other document supporting the change.

If, after we have had an opportunity to review the pieces of identification and information that you have provided, we reasonably suspect that you have misrepresented your identity, we may ask you to present a valid piece of identification from the list in Schedule A that has your photograph and signature on it.

Reasons to Refuse

We will refuse to open a retail deposit account for you if:

  1. We reasonably believe that the account will be used for illegal or fraudulent purposes;
  1. You have a history of illegal or fraudulent activity relating to banks or other financial service providers, and have engaged in this activity less than seven years before you ask us to open an account;
  1. We reasonably believe that you knowingly made a material misrepresentation when you provided information to us for the purpose of opening the account;
  1. We reasonably believe that it is necessary to refuse to open the account to protect our members or employees from physical harm, harassment or other abuse;
  1. You have not provided the identification or information required for account opening; or
  1. You refuse or are unable to become a member of Coast Capital Savings.

If we refuse to open a retail deposit account for you, we will provide you with a letter telling you that we have refused to open the account. It will also contain a copy of this statement as well as information on how you can contact the Financial Consumer Agency of Canada.

Cashing Government Cheques or Instruments

In order for us to cash your Government of Canada cheque or instrument, you must meet the following requirements:

  1. You must present us with either:
    1. Two valid pieces of identification from Schedule A or Schedule B;
    2. One valid piece of identification from Schedule A or Schedule B that has your photo and signature on it; or
    3. One valid piece of identification from Schedule A or Schedule B and arrange for another member of Coast Capital Savings who is in good standing or a person of good standing in the community to confirm your identity with us.
  2. The Government cheque or instrument does not exceed $1,500.00.
  3. There is no evidence the Government cheque or instrument has been altered or is counterfeit.
  4. There is no evidence that there has been illegal or fraudulent activity in connection with the Government cheque or instrument.
  5. The cheque has not been endorsed or signed by a third-party.

If we refuse to cash a Government cheque or instrument, we will provide you with a letter telling you that we have refused to cash the cheque or instrument. It will also contain a copy of this statement as well as information on how you can contact the Financial Consumer Agency of Canada.

Schedules

 Schedule A

  1. Driver’s licence issued in Canada, as permitted to be used for identification purposes under provincial law.
  2. A Canadian Passport.
  3. A Certificate of Canadian Citizenship or a Certificate of Naturalization, in the form of a paper document or card, but not a commemorative issue.
  4. Permanent Resident card or Citizenship and Immigration Canada Form IMM 1000, IMM 1442, or IMM 5292.
  5. Birth certificate issued in Canada.
  6. Social Insurance Number card issued by the Government of Canada.
  7. Old Age Security card issued by the Government of Canada bearing the Social Insurance Number of the person named on the card.
  8. Certificate of Indian Status issued by the Government of Canada.
  9. Provincial or territorial health insurance card, as permitted to be used for identification purposes under provincial or territorial law.
  10. A document or card, bearing the person’s photo and signature, issued by any of the following authorities or their successors:
    1. Insurance Corporation of British Columbia;
    2. Alberta Registries;
    3. Saskatchewan Government Insurance;
    4. Department of Service Nova Scotia and Municipal Relations;
    5. Department of Transportation and Public Works of the Province of Prince Edward Island;
    6. Service New Brunswick;
    7. Department of Government Services and Lands of the Province of Newfoundland and Labrador;
    8. Department of Transportation of the Northwest Territories; or
    9. Department of Community Government and Transportation of the Territory of Nunavut.

Schedule B

  1. Employee identity card, issued by an employer that is well known in the community, bearing the person’s photo.
  2. Bank or automated banking machine or client card, issued by a member of the Canadian Payments Association in the name of, or bearing the name of, the person and the person’s signature.
  3. Credit card, issued by a member of the Canadian Payments Association in the name of, or bearing the name of, the individual and bearing the individual’s signature.
  4. Canadian National Institute for the Blind (CNIB) client card bearing the individual’s photograph and signature.
  5. Foreign passport.

Frequently Asked Questions

Q: Do I need to make a minimum deposit?
A: No, you don’t need to make a minimum deposit to open a retail deposit account. However, you are required to become a Coast Capital Savings member and purchase five membership shares. 

Q: Do I need a permanent address to open a retail deposit account?
A: As a federal credit union, we require that you provide a permanent residential address in order to become a member and open a retail deposit account. Further, we are required by law to ask about your address, and we may ask you for supporting documentation such as a recent phone bill which shows your name and address to verify that you live where you say you do.

Q: How do I become a member of Coast Capital Savings?
A: Once we have verified the identification and information you provided, you will complete an application for membership and purchase five membership shares in the equity capital of Coast Capital Savings. Upon the issuance of the membership shares, we will record your name and permanent address in our membership register. From then on, you will have all the rights and responsibilities of a member as outlined in our Credit Union Rules.

Q: Do I need to be employed to open a retail deposit account?
A: No, you do not need to be employed to open a retail deposit account. However, we are required by law to ask about your employment.

Q: Can I open a retail deposit account if I’ve been bankrupt?
A: Yes, you may open a retail deposit account even if you have been a bankrupt, as long as there is no evidence to indicate that the bankruptcy was due to fraudulent or illegal activity.

Q: What is a Government of Canada cheque or instrument?
A: Any cheque or instrument issued by the federal government, such as an Employment Insurance, Old Age Security, or GST credit, would be considered a ‘Government of Canada cheque or instrument’. Cheques or instruments issued by provincial governments or their agents are not considered ‘Government of Canada cheques or instruments’.