Why do I need to send a $10 personal cheque or account confirmation, and valid ID with my account application?
We must confirm the identity of each client to comply with regulatory and money laundering legislation. To do so, we are required to get a photocopy of valid photo ID from each applicant and a $10 cheque (minimum) payable to Credential Direct from a personal chequing account with your legal name hard coded on it. The cheque is deposited into your account; it is not a fee.
No money orders please. Your cheque should be from the same chequing account you provided in your application. Your chequing account will be used to electronically transfer money into and out of your trading account.
Joint-trading account applicants must submit a cheque from a joint-chequing account where either of the account holders are required to sign the cheque.
Corporate account applicants must submit a corporate cheque, as well as a personal cheque and photo ID from each person authorized to trade on the account.
We are required to hold the initial deposit for five business days before your account is enabled for trades or transfers. However, this hold period can be avoided by having your financial institution send us an account confirmation letter.