Posted on: 23-09-06 07:53:25
I am coming to Canada very soon. My question is this, that I have seen so many threads for virtual banking (PCFinancial) . There is no minimum balance requiremnt, no cheque book charges and no other fees.
While we required the physical banks also, to get some bank certificate and for some other reasons also.
So can we open two different account, is this legal, and have no harm.
Where on earth could it be illegal to open bank accounts in more than 1 banks? 
Dont worry !!!
a) You can open accounts in as many banks as you wish, and
b) You can open numerous accounts in the same bank as well
Cheers, 
bison
Quote:
Originally posted by Angel2005
I am coming to Canada very soon. My question is this, that I have seen so many threads for virtual banking (PCFinancial) . There is no minimum balance requiremnt, no cheque book charges and no other fees.
While we required the physical banks also, to get some bank certificate and for some other reasons also.
So can we open two different account, is this legal, and have no harm.
You can open as many bank accounts with as many banks you want. There is nothing illegal in that. The Brick and Mortar Bank would have services charges which can range from $8 - $ 15 per month.
We suggest PC financial because of ease of use via telephone or interenet and their service is free. Moreover, you get better interest also on your savings account with them which could be 10 to 20 times more what the physical banks would pay.
Hence, as per your needs and convenience, you can open account with any bank you choose.
Good luck and welcome to Canada in advance.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Quote:
You can open as many bank accounts with as many banks you want. There is nothing illegal in that. The Brick and Mortar Bank would have services charges which can range from $8 - $ 15 per month.
We suggest PC financial because of ease of use via telephone or interenet and there service is free. Moreover, you get better interest also on your savings account with them which could be 10 to 20 times more what the physical banks woud pay.
Hence, as per your needs and convenience, you can open account with any bank you choose.
Good luck and welcome to Canada in advance.
I am very much thankful for both of you for giving the reply.
Mr.Parmod I am visiting this site from the very long time, and I have always seen, you are very much dedicated for this site and always replies in very much detail, that's why I already have lot of information from your different posts. I am very much grateful to you.
Sometimes it is beneficial to have more than one account, for example if you are doing business as a sole proprietor it is always better to keep the business account seperate for better accounting and ease while dealing with income tax issues.
