Personal Finance

What is the best bank that doesn't require SIN?

  • Last Updated:
  • Aug 26th, 2012 6:49 pm
Tags:
None
Penalty Box
Apr 16, 2012
3565 posts
688 upvotes
Greely

What is the best bank that doesn't require SIN?

If you are an international student or such...


I believe ING requires SIN.
26 replies
Deal Addict
Feb 25, 2009
1009 posts
65 upvotes
techcrium wrote: If you are an international student or such...
A SIN is not required to open a bank account provided you have 2 pieces of ID from those listed in Part A or B of the Schedule of Acceptable Identification (see link below), at least one of which must be from Part A.

http://www.tdcanadatrust.com/document/P ... rvices.pdf


BTW You can apply for a SIN using your study permit or work permit
Being broke is childish and I'm quite grown
Deal Fanatic
Mar 6, 2005
5785 posts
810 upvotes
As long as you satisfy ID requirements and don't apply for an interest bearing account (i.e. SIN is needed for Savings accounts - income tax reporting purposes)
Sr. Member
Jul 14, 2008
574 posts
57 upvotes
[quote="Milfman" post_id="15246358" time="1345730230" user_id="215007"]A SIN is not required to open a bank account provided you have 2 pieces of ID from those listed in Part A or B of the Schedule of Acceptable Identification (see link below), at least one of which must be from Part A.

http://www.tdcanadatrust.com/document/P ... rvices.pdf
what he said, your SIN will start with a 9 but it's a SIN that's just as good as a 7 SIN
Deal Addict
Feb 25, 2009
1009 posts
65 upvotes
tkyoshi wrote: As long as you satisfy ID requirements and don't apply for an interest bearing account (i.e. SIN is needed for Savings accounts - income tax reporting purposes)
A SIN is not mandatory for opening a savings account.
Being broke is childish and I'm quite grown
Deal Addict
User avatar
Jul 31, 2011
4225 posts
56 upvotes
NORTH YORK
what these posters said. all correct.
"Internet is serious business" HeeHeeHee.
Losers/trolls waste time posting this "I don't feel like wasting time researching nonsense and trying to disprove the collective theories of a group of people that do not have, or deserve, even the tiniest shred of credibility. I'd rather amuse myself."
Deal Fanatic
User avatar
Feb 19, 2010
6237 posts
2992 upvotes
Milfman wrote: A SIN is not mandatory for opening a savings account.
Where did you get this idea? Or are you suggesting that there are savings accounts that pay no interest in which case, what's the point?
4.2 Questions and Answers about SIN Use in the Private Sector
1.Why do some private sector organizations request the SIN?
Private sector organizations, such as banks, credit unions and trust companies have a legal obligation to ask for a customer's SIN for any accounts and investments that pay interest. If an account is not interest-earning, the organization is not required by law to ask for the customer's SIN and the customer is not required to provide it.
http://www.servicecanada.gc.ca/eng/abou ... ion4.shtml
Deal Fanatic
Aug 29, 2006
7750 posts
1635 upvotes
But then, it is also easy to get a SIN for international student, too.

Why not do it ?? If you start picking up a part time job or something, you don't have to go to the trouble.
The Devil made me buy it - RFD. :twisted:
Deal Addict
Feb 25, 2009
1009 posts
65 upvotes
Conquistador wrote: Where did you get this idea?
Subsection 4 of the Access to Basic Banking Services Regulations lists the conditions to be met when opening an account.

http://laws-lois.justice.gc.ca/eng/regu ... T3xt3.html
Conquistador wrote: Or are you suggesting that there are savings accounts that pay no interest in which case, what's the point?

http://www.servicecanada.gc.ca/eng/abou ... ion4.shtml
The bank can ask for your SIN to prepare your T5 but its not needed to open the account.
Being broke is childish and I'm quite grown
Deal Fanatic
User avatar
Feb 19, 2010
6237 posts
2992 upvotes
Milfman wrote: Subsection 4 of the Access to Basic Banking Services Regulations lists the conditions to be met when opening an account.

http://laws-lois.justice.gc.ca/eng/regu ... T3xt3.html



The bank can ask for your SIN to prepare your T5 but its not needed to open the account.
You're splitting hairs. At the end of the day, the bank is legally obligated to ask for it.
Deal Fanatic
User avatar
Mar 30, 2004
5302 posts
2996 upvotes
Durham Region
Milfman wrote: Subsection 4 of the Access to Basic Banking Services Regulations lists the conditions to be met when opening an account.

http://laws-lois.justice.gc.ca/eng/regu ... T3xt3.html


The bank can ask for your SIN to prepare your T5 but its not needed to open the account.
That is a horrifically inaccurate interpretation of the law.

You need a SIN to open any interest bearing account. Simple as that.
Deal Addict
Feb 25, 2009
1009 posts
65 upvotes
CorSter wrote: That is a horrifically inaccurate interpretation of the law.

You need a SIN to open any interest bearing account. Simple as that.
I guess reading and comprehension are not your strong points
Conquistador wrote: You're splitting hairs. At the end of the day, the bank is legally obligated to ask for it.
All I said was that it was not mandatory to open an account.
Being broke is childish and I'm quite grown
Deal Fanatic
Apr 16, 2007
8134 posts
3485 upvotes
Financial District B…
You are both right and being directly employed within the industry I will side with Conquistador on this one.
Sure the consumer does not have to disclose their SIN but we all ask for it anyways. The main reasoning why we do so is purely to expedite the approval/credit granting process.
There is a massive massive problem right now as I speak that pertains to duplicate and alias idents on both bureaus.
International students and newly landed immigrants are applying for credit products and/or opening accounts (without disclosing SINs) with adopted English names and causing havoc within the system.
The overwhelming majority of issues that come up seem to be within the asian community. I'm sure most of not all of you on this forum have at least one CC with a name that's not on your passport.
A few months back a friend of mine who is RE broker mentioned to me a client was having a hard time obtaining a mortgage because her bureau was flagged for fraudulent activity. She finally came clean by admitting she applied for credit using various first names. Something like Mei then May, and Mai or something like that, don't remember.
And each time at different addresses. Apparently she left her husband, got into a freinds apt, applied for a CC using one of those names, reconciled with he husband moved back into their house, applied for another CC and so on and so on. Now she has like 6 profiles on EQ and I don't think she ever got that mortgage because too many weird instances occurred.

If you're not going to disclose a SIN when opening an account or applying for a CC at least use your proper given birth names that's shown on your passport.
Deal Addict
Jan 30, 2012
1836 posts
1399 upvotes
TORONTO
Conquistador wrote: You're splitting hairs. At the end of the day, the bank is legally obligated to ask for it.
When it comes to finance, splitting hairs is relevant.

You are correct that a bank is legally obligated to ask for your SIN.

However, you are not obliged to answer and provide your SIN to the bank. No law or regulation prevents a bank from opening an account without the customer's SIN.

(In fact, customers are not obliged to even have a SIN to open a bank account. There are many legal residents of Canada who do not have a SIN.)
Deal Fanatic
User avatar
Mar 30, 2004
5302 posts
2996 upvotes
Durham Region
Milfman wrote: I guess reading and comprehension are not your strong points

The law is pretty simple. You're entitled to a basic retail banking account without a SIN. (I.e. a basic chequing account at an institution that does not require you to have an account at another institution). Nothing more. No interest, no overdraft, no waived holds, no savings accounts. TD didn't have my SIN when I first opened my chequing account, but they did require it when I tried to open a savings account.

Canadian Tax Law requires if you want to open an account that pays interest, you are legally obligated to provide the bank with a SIN number so they can prepare your T5 (which they cannot issue without a SIN). Very similar in the US - I have a chequing account at TD in the US, but I can't open a savings account without a SSN or ITIN.
Deal Addict
Feb 25, 2009
1009 posts
65 upvotes
CorSter wrote: The law is pretty simple. You're entitled to a basic retail banking account without a SIN. (I.e. a basic chequing account at an institution that does not require you to have an account at another institution). Nothing more. No interest, no overdraft, no waived holds, no savings accounts. TD didn't have my SIN when I first opened my chequing account, but they did require it when I tried to open a savings account.
The point I am making is that a SIN is not mandatory to open a savings or chequing account period. The bank can ask for your SIN to prepare your T5 but it is not a requirement to open the account.
CorSter wrote: Canadian Tax Law requires if you want to open an account that pays interest, you are legally obligated to provide the bank with a SIN number so they can prepare your T5 (which they cannot issue without a SIN). Very similar in the US - I have a chequing account at TD in the US, but I can't open a savings account without a SSN or ITIN.
The bank only has to show that they made a reasonable effort to obtain your SIN to comply with tax law. And yes they can issue a T5 without a SIN.

http://www.cra-arc.gc.ca/E/pub/tg/t4015 ... #P108_6981
If the individual does not give you his or her SIN, you should be able to show that you made a reasonable effort to get it. For example, if you contact a recipient by mail to ask for his or her SIN, record the date of your request and keep a copy of any correspondence that relates to it. If you do not make a reasonable effort to get a SIN, you may be subject to a penalty of $100 for each failure. If you cannot get a SIN from the recipient, file your information return, without the SIN, no later than the due date. If you do not, you may be subject to a penalty.
Being broke is childish and I'm quite grown
Deal Fanatic
User avatar
Mar 30, 2004
5302 posts
2996 upvotes
Durham Region
Milfman wrote: The point I am making is that a SIN is not mandatory to open a savings or chequing account period. The bank can ask for your SIN to prepare your T5 but it is not a requirement to open the account.



The bank only has to show that they made a reasonable effort to obtain your SIN to comply with tax law. And yes they can issue a T5 without a SIN.

http://www.cra-arc.gc.ca/E/pub/tg/t4015 ... #P108_6981
Yes, but they're also under no obligation to open a savings account for you if you don't provide one. And they won't.

Chequing accounts are a different ballgame altogether.
Deal Expert
User avatar
Nov 2, 2003
17118 posts
3872 upvotes
GTA
HSBC has been asking me for my SIN for 14 years. Each year I ignore them.
Deal Fanatic
Apr 16, 2007
8134 posts
3485 upvotes
Financial District B…
actng wrote: HSBC has been asking me for my SIN for 14 years. Each year I ignore them.
Thats probably because there's some conflicting data or cross-ref conflicts within HSBC's systems.

Why you all think disclosing your SIN is the evil of all evil's boggles my mind.
When I apply for any credit products you better believe I will disclose my SIN. Not because I know how messed up the bureaus are but rather I want that institution to find me directly and precisely without any presumed alias.

Here's food for thought for all of you. Identity fraud is much more probable when your bureau account or cross-ref accounts are not associated with a SIN.
Deal Expert
User avatar
Nov 2, 2003
17118 posts
3872 upvotes
GTA
mikeymike1 wrote: Thats probably because there's some conflicting data or cross-ref conflicts within HSBC's systems.

Why you all think disclosing your SIN is the evil of all evil's boggles my mind.
When I apply for any credit products you better believe I will disclose my SIN. Not because I know how messed up the bureaus are but rather I want that institution to find me directly and precisely without any presumed alias.

Here's food for thought for all of you. Identity fraud is much more probable when your bureau account or cross-ref accounts are not associated with a SIN.
lol

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)