Document background
The Account Opening Agreement serves as the foundational document establishing the legal relationship between financial institutions and their customers in Canada. This agreement is required whenever a new banking account is opened, whether for personal or business purposes, and must comply with federal regulations including the Bank Act, PIPEDA, and anti-money laundering legislation. It contains essential information about account operations, fees, privacy policies, and customer obligations, while incorporating mandatory consumer protection provisions required by Canadian law. The document typically includes various schedules detailing specific terms, fee structures, and required identification procedures, adapting to different account types such as personal, joint, business, or specialized accounts.
