Personal Accounts - What Is Required

Becoming a Member

For nearly 60 years, Kingston Community Credit Union has been providing outstanding local community service.  As a full service cooperative financial institution owned and governed by its members, KCCU is committed to helping members make sound financial decisions to benefit them at all stages of their lives. 

We offer a full complement of financial services conveniently accessible (in branch, on-line using tablets, smartphones or computers) – from chequing accounts to loans, mortgages, investments, internet banking and access to thousands of Surcharge-Free ATM’s both in Canada and worldwide.

 If you work or live in the greater Kingston area and want to benefit from locally-owned professional financial services you already qualify to become a member of KCCU.

As a member, you will be required to purchase membership shares. Our share requirement is $25 per account holder for anyone who is 21 years of age or older or who borrows. This represents 5 shares at $5 a share. For those under 21, there is a $5 share requirement.

 

What to expect when applying for a membership / Identification requirements

We are required to verify your identity and ask you some regulatory questions, so you do need to come into one of our branches to open your account.  This appointment typically takes between 30 to 45 minutes to complete.  You will need to bring along the following pieces of information:

  • Social Insurance Number
  • 1 piece of valid and current photo ID such as drivers license, passport, record of landing, permanent resident card, or other similar documents that has been issued by the federal, provincial, or territorial government
  • A secondary piece of identification such as a birth certificate, credit card, or a secondary piece from the listing above
  • Please note: We are unable to accept Health Cards from Ontario, Manitoba, Nova Scotia, or PEI as a primary or secondary piece of identification
  • Proof of contact information
  • In order to open your account with us, we may need to check your credit report to ensure that you meet our minimum requirement
  • Member Share Requirement
 

The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) requires financial institutions to identify customers and to keep certain records about them.  To ensure that we meet our legal obligations we are required to ask, and keep up to date records of the following:

  • If you will be using this membership/account by, or on behalf of, a third party?
  • What the purpose of your business relationship with KCCU is?
  • What the intended use of your accounts and products with KCCU are?
  • If you are a *Politically Exposed Foreign Person?
  • Keeping identification and information current
 

In accordance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and Regulations, and as part of the Financial Institution’s risk management measures, the Financial Institution is required to determine whether the Depositor is a Politically Exposed Person (“PEP”).

 

“PEP” includes the following:

  • Senior official1 in a foreign state (“Foreign PEP”).
  • Head of an international organization2 or the head of an institution established by an international organization (“HIO”).
  • Senior official3 in Canada (“Domestic PEP”) (only during the past five years).
  • Family member4 or close associate5 of any person referred to above.

     

    1. Senior official in respect of a Foreign PEP means:
      • head of a foreign state or government;
      • member of the executive council of government or member of a legislature of a foreign government;
      • deputy minister or equivalent rank;
      • ambassador or attaché or counsellor of an ambassador;
      • military officer with a rank of general or above;
      • president of a state-owned company or a state-owned bank;
      • head of a government agency;
      • judge of a foreign supreme court, constitutional court, or other court of last resort; or
      • leader or president of a political party represented in a foreign legislature.

         

    2. International organization means an organization established by the governments of more than one country by means of a formally signed agreement between the governments of more than one country.

       

    3. Senior official in respect of a Domestic PEP means:
      • Governor General, lieutenant governor, or head of government;
      • member of the Senate or House of Commons or member of a legislature;
      • deputy minister or equivalent rank;
      • ambassador, or attaché or counsellor of an ambassador;
      • military officer with a rank of general or above;
      • president of a corporation that is wholly owned directly by Her Majesty in right of Canada or a province;
      • head of a government agency;
      • judge of an appellate court in a province, the Federal Court of Appeal or the Supreme Court of Canada;
      • leader or president of a political party represented in a legislature; or
      • the office or position of mayor or the elected head of a city, town, village, or municipality that leads council in making financial decisions for their electorate.

         

    4. Family member means a senior official’s or an HIO’s:
      • child
      • parent
      • parent’s child
      • spouse or common-law partner
      • spouse’s or common-law partner’s parent

         

    5. Close associate means a person closely connected to a senior official or an HIO for personal (social) or business (professional) reasons.