A Guide On How To Open A Bank’s Savings Card

Introduction

Opening a bank’s saving card is not a complicated process and, understandably, you would want to know how to do it. This article will briefly explain all the steps required to open a bank card, what documents you need, and what the various fees are for opening a savings account with your local bank.

The steps involved when opening an account are as follows:

Step 1. Present one identity card, Two passport size photos and your signature

The first step is to present one Identity card or a passport, two passport size photos and your signature. The bank will then photocopy your Identity Card/Passport; this will function as your banking identification for the time being. You must keep this information safe so that you may use it for future benefit.

Step 2. Fill out all the necessary financial information and fill in a form for your bank to review.

Once you have presented your ID to the bank, they will then ask you to fill out a form. This form is used by the bank to gain financial information about you. You will be required to fill out some basic financial information including your bank account information, your phone number and other contact information. In addition to this, you will be asked how much you wish to save over some time every month. You can either fill out this portion with a specific amount or leave it blank so that the bank will place an initial amount on the account.

Step 3. Enclose a cheque in favour of the bank or an Interac or Net Transfers payment coming from your bank account.

The bank will ask you to pay a fee (usually around $3) when you open your bank card. This fee is due at the time of initial deposit. The easiest way to pay this fee is by including a cheque. You can always include an Interac payment or even a Net Transfer if you are sending money from your bank account to the bank’s savings account.

Step 4. Apply for the savings card in person, at a service window or over the telephone.

Once you have performed all the necessary steps and have paid the fee, you will no longer need to visit any services office. You are now ready to utilise your new bank card at any ATM in Canada and enjoy all of its benefits.

Conclusion

There are many benefits that you can enjoy when you use a bank’s savings card. The primary benefit is that the amount saved on your account by the bank will be credited directly to your account. Therefore, if the amount of money in your bank account is higher than what you have saved, the excess amount of money will be transferred to your savings account.