How to Close a Bank Account in Canada 2026

Updated March 2026 · 10 min read

Closing a bank account in Canada is straightforward, but requires some preparation to avoid disruption. Whether you're consolidating accounts, switching banks, or simplifying your finances, this guide explains exactly how to close an account at any Canadian bank in 2026.

Before You Close Your Bank Account

Do these things before initiating closure to avoid problems:

1. Open your new account first. Don't close your old account before your new account is ready to receive payments.
2. Update all direct deposits. Employer payroll, CRA, and government benefits must be updated to your new account. Allow 1–2 pay cycles for each. Full bank switching guide →
3. Update all pre-authorized debits. Rent, mortgage, insurance, utilities, subscriptions must all be migrated. Check your last 3 months of statements for recurring payments.
4. Confirm no outstanding cheques. If you've written cheques that haven't been cashed, wait for them to clear before closing.
5. Transfer your balance. Transfer your remaining balance to your new account via e-transfer or bank transfer before closing.
6. Cancel any linked features. Overdraft protection, safety deposit box rental, linked investment accounts.

How to Close a Bank Account — By Bank

How to Close a TD Bank Account

TD requires in-person or phone closure for most accounts. Online-only closure is not available.

• In-person: Visit any TD Canada Trust branch with government-issued photo ID. Ask a teller to close the account. A withdrawal of any remaining balance will be issued (usually as a bank draft or cash).
• By phone: Call 1-866-222-3456 and ask to close your account after completing security verification.
• By mail: Write a signed account closure request to your home branch (less common).

How to Close an RBC Bank Account

• In-person: Visit any RBC branch with ID.
• By phone: Call 1-800-769-2511. You can close most personal accounts by phone after ID verification.
• Online (limited): Some account closures can be initiated through RBC Online Banking under Account Services → Close Account. Not available for all account types.

How to Close a Scotiabank Account

• In-person: Visit any Scotiabank branch.
• By phone: Call 1-800-472-6842.
• Online: Scotiabank does not offer full online account closure as of 2026 — in-person or phone required.

How to Close a BMO Account

• In-person: Visit any BMO branch with photo ID.
• By phone: Call 1-877-225-5266.
• Online: Limited online closure available for some accounts through BMO Online Banking.

How to Close a CIBC Account

• In-person: Visit any CIBC branch.
• By phone: Call 1-800-465-2422.
• Online: CIBC Smart Account closure can be requested through online banking for some account types.

How to Close a KOHO Account

• In-app: Navigate to Profile → Settings → Close Account. Follow the prompts. All remaining balance must be transferred out first.
• By email/chat: Contact KOHO support at support@koho.ca or through the in-app chat.

How to Close an EQ Bank Account

• Online: Log in to EQ Bank → Settings → Account Management → Request Account Closure. Alternatively, contact EQ Bank support at 1-844-4EQBANK.

What Happens When You Close a Bank Account

• Any remaining balance is returned to you (as cash, bank draft, or transfer to your new account depending on the bank and method of closure)
• Linked debit cards stop working immediately upon closure
• Pre-authorized debits will be returned as NSF if the account is closed before you update the payee — costing you NSF fees at the receiving company
• Post-dated cheques will bounce if the account is closed
• Bank statements and records are retained by the bank (you can still request transaction history for 7 years in most cases)

Do You Need a Fee to Close a Bank Account in Canada?

No. Canadian banks cannot legally charge a fee to close a personal chequing or savings account. If a bank attempts to charge you a closure fee, escalate to the bank's complaint resolution office or contact the Financial Consumer Agency of Canada (FCAC) at fcac-acfc.gc.ca.

Dormant Account Rules in Canada

If you simply stop using an account rather than formally closing it, Canadian law treats it as a dormant account after 2 years of inactivity. After 10 years of inactivity with no contact from the account holder, the bank must transfer the balance to the Bank of Canada as an unclaimed balance. See our unclaimed bank balances guide →

Keep Records of Your Closed Account

Once your account is closed, request written confirmation of closure from your bank. Keep this for at least 3 years. Also download or request copies of your last 12 months of statements before closing — you may need transaction records for tax purposes, expense claims, or disputes.