Opening Kids Bank Accounts – One Dad’s Tale

I remember when my mom brought me to open my first bank account.  It was an exciting day for me to get my bankbook and a free balloon.  So imagine my excitement when I knew I would be taking Book Boy and Ballet Girl to open their first bank accounts today!

First stop was CIBC and we drove over with high hopes of starting the kids on the path of wealth-building.  Unfortunately, 3 problems arose: 1) We needed to book an appointment, 2) we needed their birth certificates (as the rep indicated that they don’t open accounts ‘In Trust’ anymore), and 3) the rep just wasn’t very nice in her interactions.

SO, we headed over to our local PC Financial located at Loblaws.  While there was no bankbook available (as all tranactions with PC are done over the telephone, internet or bank machine), we got so much more.  We got a PC financial rep who genuinely looked like they enjoyed what they were doing.  We got a trust account setup for each of the kids in under 30 minutes total.  AND BONUS each child got a PC Financial Coin Purse (which they love)!  On top of that, there are no service charges!

It was a great experience and both children were absolutely delighted with their new bank accounts.  Book Boy’s only question was ‘If I keep putting money into the bank account, if I put too much, will it EXPLODE?”

Ah kids…

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