Indian Residential School Settlement Update November 1, 2007
ASSEMBLY OF FIRST NATIONS BULLETIN
The Indian Residential Schools Settlement Agreement (IRSSA) has been approved and was implemented on September 19, 2007.
It is estimated that there are approximate 80,000 former students alive today, who will be receiving a Common Experience Payment (CEP).It is important for the CEP recipients to be prepared for when these payments arrive. We encourage CEP recipients to open a bank account. Banks will not cash cheques over $1,500 for anyone who does not have an account with them. Banks can hold cheques for more than 7 business days before cashing them, be sure to ask what the Banks policy is on holds. Under Canadian law, you have certain rights when you are dealing with a bank. Every bank branch must display and make available information that explains your rights. You have the right to a personal bank account, even if:
• you don’t have a job;
• you don’t have money to put in the account right away; or
• you have been bankrupt.
Opening a bank account has many benefits, the most important one being Safety. A bank or other financial institution is a safe place to keep your money when you are not using it. In case a bank fails, the government generally insures the money that has been deposited in a bank account (up to a certain limit). A bank account is useful for a variety of reasons. There are many useful features provided to account holders such as the ability to pay bills, write cheques, receive direct deposit payments and receiving monthly account statements or a bankbook, to help you keep track of your money and they will show you how much you spent and what you spent it on.
To open an account, you must to go to the bank or financial institution in person and will need to bring 2 pieces of identification with you. The following is a list of identification that is acceptable to open a bank account:
• a Canadian driver’s licence
• a valid Canadian passport
• a Canadian birth certificate
• a Social Insurance Number (SIN) card
• an Old Age Security card
• a Certificate of Indian Status
• a provincial health insurance card (this cannot be used in Ontario, P.E.I. or Manitoba)
• a Certificate of Canadian Citizenship or Certification of Naturalization
• a Permanent Resident card or a Citizenship and Immigration Canada form IMM 1000 or IMM 1442
You can also show other types of identification. To find out what they are or for more information call the Financial Consumer Agency of Canada toll-free at: 1-866-461-3222.