Setting Up Bank Account

One more step completed on Friday when I was in Wainwright to help with the move into our new (almost a century old) house.

After a bit of research on the options for banks based in Wainwright, (BMO, RBC, Credit Union, ATB) I decided to go with the Royal Bank for the following reasons:

- lowest cost chequing acount ($6/month)
- international support (I expect to require access to funds outside of Alberta and ATB, Credit Union do not have a local presence outside the province)
- As I grow RBC have a "professionals account" where you have a linked chequing and savings account for $30/month.

As a new corporation, what you need to bring with you are your articles of incorporation and incorporation number from the Registrar. You also need 2 pieces of ID so that they know you are who you say you are.

The branch is only 2 doors from the house so it certainly is convenient and more importantly everyone I spoke to were VERY friendly. Tracey made sure I met the bank manager and was very helpful in getting me up and started.

Now the only "gotcha" was that in order for me to be able to do electronic banking, ATM and on-line I need to get a Convenience Card - for $8.50/month. Note to others, ask your banker when shopping for prices if the fee includes chequing and access card.

One final thing on banking (at least this post) BMO, has an interactive tool that you can use to determine which of their accounts is best for you based on the type of business and number transactions you expect to have.

Lastly, don't forget you can change your account types at any time by going to visit your bank.