Why do I need a cheque deposit from my external bank to open an account?
We can appreciate your concern about spending money just to have cheques printed. The reason we ask for a cheque is because we need the electromagnetic encoding on the bottom of the cheque to establish an electronic LINK or ‘bridge’ to your external bank account, your key to moving your money in & out in the future. Note that you are only required to provide one cheque — you are then free to transfer your money via electronic funds transfer after your initial account opening cheque has cleared.
