Is it easy to change banks in Canada?

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Is it easy to change banks in Canada?

Rounding it up

  • If you’re not happy with your current bank, it might be worth moving your account elsewhere.

  • Before you switch banks, be sure to double-check if there are any fees that you’ll be charged for transferring your assets to another institution and closing your account.

  • If you receive your paycheque via direct deposit, contact HR at your workplace to update your payment information as soon as possible after switching banks.

  • You’ll need to update your banking information with any companies that make direct debits from your old bank account, such as your mortgage lender or phone company. That way, you can continue to make your payments on time from your account at your new financial institution.

  • Want to leave banks behind altogether? Come join us at KOHO! We have everything you need and then some, especially when compared to boring ol’ traditional banks.

6 min read

Dan Bucherer
#banking#canada#personal finance

Dan Bucherer

Dan is a runner and writer living in the Washington, D.C. area, where he currently works for a financial services trade association as the Communications Director.

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