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Email this5:40 pm
May 27, 2026
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So, just trying to open an account on-line, and right at the end comes the required documentation. It asked for 1 of EACH of:
Gov issued photo ID (OK)
Utility bill (OK too)
Record of employment (but I'm retired)
An insurance document (probably OK)
Investment account statement from another institution (getting uncomfortable here)
Statement, form or certificate from Canadian government body eg property tax assessment (definitely pushing it)
This is WAY TOO MUCH information.
Then it asks you to submit all the information in a single upload file. I have no clue how to do this even if I was comfortable with submitting all the info.
Is this normal when opening a new account these days?
Bye bye Oaken.
9:17 am
November 8, 2018
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I opened Oaken Savings account in 2022 online, and they didn't ask that much info.
They wanted me to provide them with just:
1. Government-issued photo identification document (excluding Health Card);
2. Bank statement for either a deposit or chequing account, or credit card statement.
I wonder if times have changed and requirements got stricter. I do agree with you, if they asked me that much info as they did you, I would not have gone through the account opening process.
Also, even in 2022 they were very particular with documents they requested. I sent them credit card statement, it has my first name slightly mistyped, they noticed it and asked to provide different document which should match exactly my first and last name on photo ID document. Sent them one of bank statements instead.
9:42 am
April 6, 2013
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All financial institutions need to verify identity to meet FINTRAC anti-money laundering requirements. If there isn't a suitable credit bureau file that matches and isn't flagged, then the financial institution needs to use other ways.
Yes, name, address, and date of birth need to match exactly. Can't use an ID document for "B Smith" to confirm "Bob Smith" or "Barbara Smyth".
9:54 am
August 4, 2010
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This sounds like Oaken's "Dual Process" identification system, which Google has just informed me of.
The header says it is used for "seniors (67 & over) and minors (12-17) who do not have sufficient photo and secondary identification". That's unclear if it is all seniors, or just those who do not have sufficient ID.
If you are 67+, perhaps that triggered this process, although that would seem a bit odd. Or, I don't know if they can do any sort of quick credit bureau check during the application to see if they are having trouble doing a preliminary match? Did you indicate anything like not being a Canadian citizen, or some other outlier choice?
In any case, that PDF document seems to show you could provide a utility bill (Column A) and a government photo ID (Column B) to satisfy the requirements - you don't need all the things you listed. I'd call Oaken to figure things out if you want to be with them.
10:10 am
April 6, 2013
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It is just for those who don't have sufficient ID. A provincial driver's license card will have a photo along with the name, address, and date of birth.
Financial institutions are not allowed to eyeball the person and driver's license over a video link to verify ID. When not done face-to-face, special sofware, to check the ID's security features and match the person to the photo, is needed.
10:14 pm
May 27, 2026
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Update - called their customer service number and complained (loudly), and they sent an e-mail request for ID which only required the 2 pieces of ID the second poster mentioned (even could have a utility bill as the second one), plus a copy of a written signature. Also could send the 3 pieces separately, not as a combined file. A much more reasonable approach. The original list was on the website application.
Btw, Canadian citizen with good credit record - no red flags there.
8:13 am
March 6, 2026
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That seems more reasonable. Good customer service at Oaken is not their Forte.
I have given to ? and hydro bill .... but scratched out the amount and account number and it was accepted.
10:16 am
April 6, 2013
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Hopefully, the bill had an invoice or bill number that could be recorded.
FINTRAC requires the following to be recorded for dual-process verifications:
- Person's name
- Date you verified the information
- Name of the two different sources used to verify the identity of the person
- Type of information referred to
- Account number or number associated with the information if no account number exists
Can't just record "John J. Doe", "Manitoba Hydro utility bill", and "unknown account number" as one of the sources.
Also don't need to provide six sources, as Oaken requested the original poster, to confirm name, address, date of birth.
Months ago, I applied to Canadian Tire Bank for a credit card. Application was approved and card issued. No request for copy of driver's license, copy of utility bill, copy of investment account statement, or confirmation of employment.
Presumably, Canadian Tire Bank did the credit file method. Name, address, and date of birth matched exactly. Credit file more than three years old and had info from at least two lenders. FINTRAC identity verification met.
7:29 pm
October 17, 2018
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Seems odd that a voided cheque isn't on the list but I would be surpried if you couldn't use one as a second document if you have a chequing account, preferably from bank you want to link to. That should also supply all the info for account linking as well. You could even sign it since you 're voiding it.
8:00 pm
April 6, 2013
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FINTRAC does not accept a voided cheque as a reliable source of information for the dual-process method.
The cheque has to be valid, signed, and recently processed through clearing to be such a source to confirm person's name and the bank account. See Annex 5: Examples of reliable sources of information…:
Confirm that the person has a deposit account, prepaid payment product account, credit card or loan account by means of:
- Credit card statement
- Bank statement for deposit or chequing accounts
- Loan account statement (for example, mortgage)
- Cheque that has been processed in the last statement period (cleared, insufficient funds) by a financial institution
- Telephone call, email, letter, or other traceable means of confirmation from the financial entity holding the deposit account, prepaid payment product account, credit card or loan account
- Product from a Canadian credit bureau (containing two trade lines in existence for at least six months)
- Use of micro-deposits
8:07 pm
October 17, 2018
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That makes sense . So a pdf dowload of both sides would qualify ?
9:36 pm
April 6, 2013
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Yes. Electronic images of the cheque are presumed to be true copies of the cheque.
