Opening an account.

Required Information

In order to open a retail deposit account you must:

1. Present documents to verify your identity. To satisfy this requirement, either:
   1. Present two documents from a reliable source. One document must include your name and address, and the other document must include your name and date of birth. Documentation from a reliable source includes:
      1. Identification issued by Government of Canada or government of a province,
      2. Recent notices of tax assessments issued by the Government of Canada or the government of a province or municipality,
      3. Recent statements of benefits from the Government of Canada or the government of a province,
      4. Recent Canadian public utility bills,
      5. Recent bank account or credit card statements
      6. Foreign passport, or
   2. Provide a document from a reliable source that includes your name and date of birth, and arrange for your identify to be confirmed by:
      1. A Member in good standing of Sunshine Coast Financial, or
      2. A Person of good standing in the community where the point or service or branch is located.
2. Allow Sunshine Coast Financial to verify the pieces of identification and information you have provided and verify whether any reason to refuse to open a retail deposit account apply to you.
3. Become a member of Sunshine Coast Financial.

We will record particulars of any identification document you present to us.

If any piece of identification you present bears your former name, you must also present a certificate evidencing your name change, or a certified copy of that certificate.

If, after we have an opportunity to review the pieces of identification and information provided, and we reasonably suspect misrepresentation of your identity, we may require you to present a Canadian federal or provincial government issued piece of identification that bears your photograph and signature.

Reasons to Refuse

We will refuse to open a retail deposit account if:

1. We reasonably believe the account will be used for illegal or fraudulent purposes;
2. 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 request to open an account;
3. We reasonably believe you knowingly made a material misrepresentation when providing information for the purpose of opening the account;
4. We reasonably believe it is necessary to refuse to open the account to protect our members or employees from physical harm, harassment, or other abuse;
5. You have not provided the identification or information required for account opening; or
6. You refuse or are unable to become a member of Sunshine Coast Financial.

If we refuse to open a retail deposit account for you, we will provide a letter advising that we have refused to open the account. The letter will also include information on our complaint handling procedures, contact information for the Ombudsman for Banking Services and Investments as well as for the Financial Consumer Agency of Canada. 

Cashing government cheques or instruments.

Required Information

In order to cash your Government of Canada cheque or instrument, you must present us with either:

1. Two valid pieces of identification from a reliable source. One document must include your name and address, the other document must include your name and date of birth. Acceptable documents include:
   1. Identification issued by the Government of Canada or the government of a province,
   2. Recent notices of tax assessments issued by the Government of Canada or the government of a province or municipality,
   3. Recent statements of benefits from the Government of Canada or the government of a province,
   4. Recent Canadian public utility bills,
   5. Recent bank account or credit card statements,
   6. Foreign passports, or
2. One piece of identification that is issued by the Government of Canada or the government of a province and that bears your signature and photograph, or
3. Any document from a reliable source that includes your name and date of birth, and arrange for your identify to be confirmed by:
   1. Member of sunshine Coast Financial who is in good standing; or,
   2. Person of good standing in the community where the point of service or branch is located.

We are not required to cash a government cheque or instrument if:

1. The Government cheque or instrument is greater than $1,750.00; or
2. There is evidence that the cheque or instrument has been altered or counterfeit; or
3. If Sunshine Coast Financial has reasonable grounds to believe that there has been illegal or fraudulent activity in relation to the cheque or instrument.

If we refuse to cash a Government cheque or instrument, we will provide you a letter advising that we have refused to cash the cheque or instrument. The letter will detail Sunshine Coast Financial's complaints procedures, as well as contact information for the Financial Consumer Agency of Canada and our external complaints body.

Note: Any documents required to be presented for the purposes of opening a retail deposit account, accessing funds, or cashing Government cheques or instruments MUST be:

1. Original, valid and not substantially defaced; and
2. In the case of a piece of identification issued by the government of a province, usable for identification purposes under the law of the issuing province.

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 Sunshine Coast Financial 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 you to provide a permanent residential address in order to become a member and to open a retail deposit account. Further, we are required by law to request  your address, and we may ask you for supporting documentation such as a recent phone bill showing your name and address to verify  you live where you say you do.

Q: How do I become a member of Sunshine Coast Financial?

A: Once we verify your identification and information provided, you complete an application for membership and purchase five membership shares in the equity capital of Sunshine Coast Financial. Upon  issuance of the membership shares, we  record your name and permanent address in our membership register. From there, 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 the nature of your principal business or occupation..

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 declared bankruptcy, as long as, there is no evidence indicating 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’.