Log In
Register
Home
Topic RSS
Facebook
Twitter
Email this12:22 am
ING, Ally, PC Financial, Canadian Direct Financial and other Online banks
wants us to send them a pre-printed cheque drawn from another Canadian
financial institution to start banking with them...
They also dont want those convenience checks received from our credit card companies.
Question is...
(Assuming you have sufficient funds in your checking account, of course)
Do they accept starter cheques as initial deposit?
7:11 am
December 12, 2009
Offline
The starter cheque would need to be pre-printed with your name and account number, I would think.
If you don't have any pre-printed cheques, I would think your best bet would be to go into a PC Financial pavilion and open an account in-person (no need to send in initial deposit cheque then, correct djino?) where they can verify your SIN and two pieces of valid, non-expired ID.
From there, when you receive your PC Financial cheques, you can proceed to open all the accounts you want with other institutions. I'd caution you to limit your account opening activities to only a couple within a six-month timespan so as not to negatively affect your credit rating too much.
Cheers,
Doug
P.S. Didn't you have a Coast Capital Savings account? You should have some cheques from them you could use. 🙂
10:07 pm
i sure have! only, its [from coast capital] also a "starter cheque!"
coast capital charges $26.xx for a 50pcs booklet
while scotia its $32.xx that's why.
9:44 pm
December 12, 2009
Offline
By "starter" cheque, is it preprinted with your name and/or address and MICR-encoded with your transit (five digits), institution (three digits, in Coast Capital's case, institution number 809) and account name? If so, you can use it for your initial deposit/ID verification.
Basically, so long as they aren't temporary, "counter" cheques like some banks give you that usually have four blank lines where your name and address go, are drawn on your bank branch and issued under generic account number.
Cheers,
Doug
10:56 pm
Hi Doug, both starter cheques from scotiabank and coast capital have pre-printed my
accounts numbers.... (the starter cheque from scotiabank looks better though IMHO)
but BOTH of them have blank lines for listing the name, address, zip code, etc.
Guess that's not gonna do it.
Anyway, for some piece of information sharing, i decided to email Canadian Direct Financial since currently (they have the highest savings account/TFSA rates) about it and this is their reply: (i edited some contents to lessen the long message)
-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0
Dear Upcoming Customer,
You could use a started cheque, but that would mean we would need another way to properly identify you as per AML (Anti-Money Laundering) legislation.
We would need some form of attested ID.
I've included the criteria for this below.
Please let me know if I can be of any further assistance.
Attestation Method-
1.0 This method of ascertaining a person's identity consists of obtaining an attestation from a commissioner of oaths in Canada, or a guarantor in Canada, that they have seen one piece of acceptable ID. The attestation must be produced on a legible photocopy of the document (if such use of the document is not prohibited by the applicable provincial law) and must include
(...and so on and so forth)
"I, (name of guarantor), of (address of guarantor), working in the profession of (profession of guarantor) do declare that I have seen the original document presented here" and contain the guarantor's signature.
(...and that's the end)
Warmest regards from Edmonton Alberta!
xxx (I removed his name)
Manager Canadian Direct Financial
Suite 3000, 10303 Jasper Avenue
Edmonton, AB T5J 3X6
Phone: (780) 969-8315
Fax: (780) 441-2250
-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0-0
And so for me, the "attestation method" i tell you is a very long and tedious method, the best method is the "purchase method" and not "attestation method," that is, just go to your bank, shrug off that thirty bucks and get a pre-printed checkbook.
The END. haha
11:59 am
msl25 said:
properly identify you as per AML (Anti-Money Laundering) legislation.Attestation Method-
1.0 This method of ascertaining a person's identity consists of obtaining an attestation from a commissioner of oaths in Canada, or a guarantor in Canada, that they have seen one piece of acceptable ID. The attestation must be produced on a legible photocopy of the document (if such use of the document is not prohibited by the applicable provincial law) and must include
(...and so on and so forth)
"I, (name of guarantor), of (address of guarantor), working in the profession of (profession of guarantor) do declare that I have seen the original document presented here" and contain the guarantor's signature.
Jeez, it's like applying for a Passport for the first time where you need a guarantor! What I wonder is how does this ID requirement or seeing someone's signature (anyone can imitate a signature) stop money laundering? Any person with legitimate ID can just deposit all sorts of cash via an ATM over time, regardless of whether the cash was from a drug deal, stolen, or legitimate such as from things sold at a garage sale. There's no way to verify where any cash comes from. So how does requiring a cheque showing you opened a bank account somewhere stop money laundering? The abolition of cash entirely is the only thing that could stop it.
I realize the banks are just adhering to the law, but sometimes laws just don't make sense. Insurance companies also won't accept cash for premium payment. As if drug deal money deposited through an ATM is in any way differentiated from payroll money when a cheque is written.
Saying an oath also doesn't stop crime. Criminals don't care if they lie to someone's face.
for me, the "attestation method" i tell you is a very long and tedious method, the best method is the "purchase method" and not "attestation method," that is, just go to your bank, shrug off that thirty bucks and get a pre-printed checkbook.
The END. haha
Agreed. Unless, of course, a person has a need to sign up for a passport anyway, in which case a person could get both these inconvenient attestations done at once by the same guarantor. 😆
9:24 am
The Answer Is NO
They need to verify you. so the starter cheques is a no-go
3:08 pm
December 12, 2009
Offline
msl, you said you have a Coast Capital account. I assuming you live near a Coast Capital branch. Could you not go into a PC Financial pavilion at a Real Canadian Superstore and open an account face-to-face by showing ID instead of sending in a cheque? Get your free chequebook, make an initial deposit and wait for any hold to be released. Write a cheque on your PC Financial account to open a Canadian Direct Financial account.
It's also too bad Canadian Direct Financial doesn't at least allow you to use a Canadian Western Bank to verify your ID (not to allow you access to CSR/teller services, but just as an ID method). They could really leverage their branch channel with the efficiency of direct, centralized account openings in the way that HSBC does.
Cheers,
Doug
8:47 pm
Doug, I will try to do that advice you have about PC financial on my next day off
and see how it goes. I'll put a post about it 2nd week of December 2010.
Thanks.
5:23 pm
hi Doug, okay, i went to a PC Financial Pavilion at Real Canadian Superstore here in Richmond, BC. anyway, i clarified if they do give free cheques and those cheques are those pre-printed with my name and other info. not those "starter cheques" so after a brief introduction about their products (oh well, i already read a lot of the info on their internet site plus some of their in-store brochures before going to them so its like im just listening to some old news, haha)
the thing is...
the only discomfort is, i thought after the application+initial deposit+bank card activation, etc. they will already print my cheques but, the customer service lady said they will mail it after 10 business days (funny though because in my understanding at the start, she said they will print it that day oh well my mistake)
you also dont have to provide your precious and delicate SIN number. this is cool. i mean, if i am to open a TFSA or RRSP to them, then i understand there is a need to provide SIN but they give me a choice to give or not to give (i chose not) besides im only opening a checking account thats it. (no savings, rrsp, tfsa, etc)
i just showed 'em my drivers license and carecard (healthcard)...
5:50 pm
December 12, 2009
Offline
Yes, a driver's license and health care card are all you need to open an account. I am not sure if a SIN is required for virtual account openings (non face-to-face) but you do have a right to decline giving your SIN for any bank account opening. You also don't even need picture ID, so long as bank employees can verify your name, signature and date of birth. So, you could show your birth certificate and health care card and that's perfectly fine.
I didn't think the PC Financial cheques would be printed right away. My understanding is that they would take at least 10 business days (standard processing and shipping time). Glad to hear your PC Financial experience was a good one.
You may have holds on your ATM deposits, at least initially. I can't stress this enough though, try and work within those holds and you may want to steer clear of setting up pre-authorized debits that could bounce if your funds are on hold. PC Financial is known for assessing hefty NSF fees of $40.00 each time (no matter how many times the biller tries!).
Cheers,
Doug
Footnote: You do need to provide your SIN on registered accounts, however, such as an RRSP, RRIF or TFSA but you can decline your SIN to be used for any other purpose other than reporting of interest or investment income to the Canada Revenue Agency. Failure to provide your SIN may result in a financial fine or penalty assessed by CRA (usually $50).
9:56 pm
hi Doug,
i just received (mail)from PC Financial those free PC Financial cheques all the way from Ontario. i opened my PCF account last Dec.1, and today is Dec.15 (less saturdays and sundays and it is indeed they are on schedule. at least 10 working days.)
it is composed to two booklets; 25 cheques each. of course they are pre-printed with my name and address. the only minor (but its not really that important) is that the address that i usually use is:
xxxx Ferndale Rd Unit xx
Richmond, BC V6Y XXX
but the cheques were printed with:
xxxx Ferndale Rd Suite xx
Richmond, BC V6Y XXX
so im not really sure, what's the difference between a suite or a unit?
a google search will just confuse you since it seems they are used interchangeably
from country to country.
my guess why did this happened is that when i opened my account
at PCF, i just showed them my id and my id address is written
as xx-xxxx ferndale road and the girl didnt bother to ask me
if i am living on a "unit" or a "suite" (or an "apt"):cool: so she must have
just probably chosed "suite" by default but whatever.... it doesnt really matter. i did receive my cheques so the address is fine....
now, ita about time to start opening an account to Canadian Direct Financial....
(oh well time to check again that topic of Prag about CDF for more info)
9:57 pm
December 12, 2009
Offline
Oh, maybe the PC Financial personal banking representative filled in your account opening form with a "suite" instead of a "unit"? No real difference, at least they got the city and postal code correct. Just make sure there are no holds on the account and you have funds available when writing your initial deposit cheque to yourself to open a CDF account (to avoid NSF charges at PC Financial).
Cheers,
Doug
Please write your comments in the forum.