What you need to open a chequing account

Most banks will open a chequing account for you in one visit if you bring a government-issued photo ID and proof of your current address. The ID needs to be valid — a driver's license, passport, or provincial ID card works. For the address, bring a recent utility bill, lease, or mortgage statement with your name and current address on it.

Some banks also ask for a second piece of ID if your first one doesn't have your address on it. A few banks will open an account online without visiting a branch, but they still require you to upload photos of your ID and address proof, and some ask you to verify your identity by video call or by depositing a small amount and confirming the deposit amount they send back to you.

If you don't have a fixed address, bring whatever mail you have — a bank statement, government letter, or shelter confirmation — and explain your situation. Most banks will work with you rather than turn you away. If you're under 18, a parent or guardian usually needs to be present, and the account may have restrictions on withdrawals or monthly transaction limits until you turn 19 or 21, depending on the bank.

Key Takeaways

  • Bring a valid government photo ID and proof of your current address; most banks open an account in one visit with these two documents.
  • Some banks open accounts online, but you'll still need to upload ID and address proof and may need to verify your identity by video or deposit confirmation.
  • Monthly fees vary by bank and account type — some accounts are free, others charge $5 to $15 per month, and some waive fees if you maintain a minimum balance.
  • You can start using your account the same day or within one business day; debit cards arrive by mail within 7 to 10 business days.
  • If you have a history of overdrafts or fraud, some banks may deny you, but credit unions and online banks often have fewer restrictions.

What happens during the account opening process

When you sit down with a bank representative, they'll ask you to choose a type of chequing account — usually a basic account, a premium account with more features, or a student account if you're in school. They'll explain the monthly fee (if any), the number of free transactions per month, and what happens if you overdraw. Write down the fee structure before you sign anything, because it varies significantly between banks.

The representative will then run a check through Equifax or TransUnion to see if you have a banking history. This is not a credit check — it doesn't affect your credit score. They're looking at whether you've had accounts closed for fraud or unpaid overdrafts. If you have, they may deny you or offer you a restricted account. If you're denied, ask why and whether you can reapply after a set period.

Once approved, you'll sign the account agreement and deposit your first money — usually a minimum of $1, though some banks ask for $25 or $100. You can deposit cash, a cheque, or a transfer from another account. Your account is active immediately, and you can use it to receive direct deposits or make bill payments the same day. Your debit card will arrive by mail in 7 to 10 business days.

Monthly fees and how to avoid them

Chequing account fees range from $0 to $15 per month, depending on the bank and the account type. A basic account at a major bank typically costs $5 to $10 per month. Online banks and credit unions often charge $0 to $3 per month. Student accounts are usually free until you graduate or turn 25.

Most banks waive the monthly fee if you maintain a minimum balance — often $1,000 to $2,500 — or if you set up a direct deposit of at least $500 per month. Some banks waive fees for seniors or people receiving government benefits. Read the fee schedule carefully: some banks charge extra for things like paper statements, stop payments on cheques, or transfers to accounts at other banks.

If you're on a tight budget, compare accounts before you open one. Credit unions often have lower fees than major banks, and online banks like Tangerine or EQ Bank have no monthly fees. If you already have an account and the fees are high, call your bank and ask if you may have access to for a waiver or a lower-fee account type.

Debit cards, online banking, and cheques

Your debit card arrives in the mail within 7 to 10 business days. When it arrives, you'll need to activate it by calling the number on the back or using your bank's app. You can use it to withdraw cash at ATMs, pay for purchases in stores, and make online purchases. Most debit cards have a daily withdrawal limit — often $500 to $1,000 — and a daily spending limit of $1,000 to $3,000. You can usually increase these limits by calling your bank.

Your bank will also give you online banking access on the day you open the account. You can log in immediately using your account number and a temporary password. Online banking lets you check your balance, transfer money between your own accounts, pay bills, and set up automatic payments. You can also download your bank's mobile app and do the same things from your phone.

Cheques arrive in the mail 1 to 2 weeks after you open the account. Your first box of 25 cheques is usually free; additional boxes cost $10 to $20. You can also order cheques online from your bank or from third-party printers like Cheques.ca, which are often cheaper. Write your account number and routing number on the back of each cheque you order so the printer gets them right.

What to do if your application is denied

Banks deny chequing account applications for a few reasons: a history of fraud, unpaid overdrafts at another bank, or being listed on ChexSystems (a database that tracks banking problems). If you're denied, ask the bank which reason applies to you. If it's ChexSystems, you can dispute the record by contacting ChexSystems directly at 1-800-428-9623 or through their website.

If you were denied because of overdrafts or fraud, try a credit union instead. Credit unions are less strict than major banks and often work with people who have had banking problems. Online banks also have fewer restrictions. If you're denied everywhere, you can open a basic savings account instead and use it to build a banking history for 6 to 12 months, then reapply for a chequing account.

Some banks offer second-chance chequing accounts specifically for people with banking problems. These accounts have higher fees and lower limits, but they're a real option. Ask your bank if they offer one, or search for "second chance chequing account" plus your province or city to find banks that do.

Moving money into your new account

You can deposit money into your chequing account in several ways. The fastest is to transfer money from another account you own at the same bank — this happens instantly. If you're transferring from a different bank, use an Interac e-Transfer, which takes 30 minutes to 2 hours. You can also deposit a cheque by taking it to a branch, mailing it, or using your bank's mobile app to photograph it (mobile deposit).

If your employer offers direct deposit, give them your account number and routing number (your bank will provide both). Direct deposits usually arrive on your payday and are the most reliable way to get money into your account. You can also set up automatic transfers from another account on a schedule — for example, $100 every Friday — using online banking.

Cash deposits at a branch are instant, but if you're depositing a large amount, the bank may ask where the money came from. This is normal and required by law. Bring a receipt or explanation if you can.

Overdraft protection and what happens if you spend more than you have

If you spend more money than you have in your account, your bank will either decline the transaction or allow it and charge you an overdraft fee. Most banks charge $35 to $45 per overdraft, and some charge a daily fee if your account stays negative. You can avoid this by setting up overdraft protection, which links your chequing account to a savings account or a line of credit. If you overdraw, the bank automatically transfers money from the linked account to cover it.

Overdraft protection usually costs $0 to $5 per month, but it saves you from overdraft fees. Some banks offer it for free if you maintain a minimum balance. Ask your bank about it when you open your account, or set it up later through online banking.

If you do overdraw and get charged a fee, call your bank and ask them to reverse it — especially if it's your first time or if the overdraft was small. Many banks will reverse one or two fees as a courtesy. If you overdraw repeatedly, your bank may close your account and report you to ChexSystems, which will make it harder to open an account elsewhere.

Frequently Asked Questions

Can I open a chequing account online without visiting a branch?

Yes, most major banks and many online banks let you open an account online. You'll upload photos of your ID and address proof, and some banks ask you to verify your identity by video call or by depositing a small amount and confirming the deposit amount. The process takes 10 to 30 minutes, and your account is usually active within one business day.

What's the difference between a chequing account and a savings account?

A chequing account is designed for frequent deposits and withdrawals — you can write cheques, use a debit card, and make unlimited transactions. A savings account is designed to hold money and earn interest; you can withdraw money but usually can't write cheques or use a debit card. Most people have both: a chequing account for daily spending and a savings account for money they want to keep.

Do I need a minimum balance to keep my account open?

No, but some banks charge a monthly fee if your balance falls below a certain amount. Most banks waive the fee if you maintain a minimum balance of $1,000 to $2,500 or if you set up a direct deposit. Check your account agreement to see what applies to you.

What if I lose my debit card or think someone stole it?

Call your bank immediately — the number is on the back of your card or on your bank statement. Your bank will cancel the card and send you a new one. You're not responsible for fraudulent charges if you report the loss quickly, usually within 24 hours. Your bank will investigate and refund the money.

Can I have more than one chequing account?

Yes, you can open multiple chequing accounts at the same bank or at different banks. Some people do this to separate spending money from savings, or to take advantage of different fee structures. Each account has its own debit card and online login, so you can manage them separately.