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Wilfrid Laurier University Leaf
September 22, 2014
 
 
Canadian Excellence

Banking



As soon as you arrive on campus open a bank account. There are several commercial bank branches near the campus, making banking easy and convenient. To open a bank account you will need:
  • a passport
  • a photo ID
  • your One Card
  • a letter from WLU clarifying your status e.g. letter of admission/acceptance
  • proof of your present address in Canada
Royal Bank
74 King St. South
Waterloo, Ontario
(519) 747-8335
Bank of Nova Scotia
366 King St. North
Waterloo, Ontario
(519) 885-1880
Bank of Montreal
255 King St. North,
Waterloo, Ontario
(519) 885-9253
TD Canada Trust
68 University Ave. East
Waterloo, Ontario
(519) 746-6933
CIBC
27 King St. North
Waterloo, Ontario
(519) 886-2960
National Bank Of Canada
851 Fischer-Hallman Rd
Kitchener, Ontario
(519) 744-8402

Credit cards are widely accepted in Canada along with banking cards for bank machines or ATMs. There are many different kinds of accounts available and the bank representatives will help you choose the one best suited for you. Usually, you will receive a client card, called a “debit card” once you open the account. With this card, you will be able to make transactions on your account from banking machines throughout Canada providing your have sufficient funds in your account. “Debit card” is not a credit card; therefore, you have to have money in your account to operate it.

Each transaction is subject to a service charge. For your convenience, the Canadian Imperial Bank of Commerce (CIBC) has a bank machine on the ground floor of the Student Union Building. Over-the-counter purchases are usually made with cash, bankcards or credit cards. Avoid overdrawing your account. You can use bankcards for various purchases; however, cheques are commonly used when paying bills, such as rent. Ensure that you have enough funds in your bank account because there is a substantial service charge for returned cheques.