Switch Banks in Canada: Private Safety Plan

1. What must the new account do?

This first choice prevents a prepaid spending product, savings product and full transaction account from being treated as interchangeable.

Your comparison route

Open the relevant Bremo tool →

2. Keep the switch reversible until every route is proven

These checks stay local. A completed checklist is a preparation result—not an opened account or paid conversion.

I can access the new account and have verified its current agreement, fees and limits. I listed direct deposits from payroll, benefits and other payers using recent statements. I listed pre-authorized debits and contacted each biller about the new banking information. I recreated bill payees and separately checked recurring card charges. I kept enough money in both accounts while deposits and withdrawals moved. I observed the first expected deposits and withdrawals in the new account. I asked the old institution about holds, written cheques, closing steps and any fee. I will request closure and keep confirmation only after the old account is quiet.

0 of 8 safeguards checked.

Safety boundary: Do not put account numbers, balances, credentials or personal details into this page. Confirm product eligibility, deposit protection, timing and closing requirements with the relevant institution. Bremo is not a bank and does not open, transfer or close an account.

3. Verify the switch with primary sources

Transferring financial products

FCAC covers inventorying transactions, opening the new account, transferring funds, changing deposits and debits, monitoring, and requesting closure.

Open FCAC guidance →

Pre-authorized debits

FCAC explains changing banking information, cancelling a PAD and keeping records. Cancelling the PAD does not cancel the underlying contract.

Review PAD rules →

CRA direct deposit

CRA provides its current update routes and says not to close the old account before the first payment reaches the new one.

Open CRA instructions →

Deposit protection

CDIC explains eligible deposits and lets you check whether a financial institution is a member. Coverage depends on institution, product and category.

Check CDIC coverage →

Bremo receives no compensation from these government or CDIC links. This page contains no provider application link and makes no bonus, approval, savings or completion-time promise.