Can a bank refuse to open your account in Canada?

A bank may refuse to open a personal account if:

• It has reasonable grounds to believe you plan to use the account for illegal or fraudulent activity.
• You knowingly gave false information.
• Refusing is needed to protect people from physical harm, harassment or abuse.
• You had illegal or fraudulent activity with a financial service provider in the last 7 years.
• You will not let it verify your identity.
• The branch only offers accounts linked to another institution and you do not have one.

Source: Financial Consumer Agency of Canada, Opening a personal bank account: your rights. Checked November 2, 2026.

The bank must give you written notice. It must also give you its complaint process and contact details for the Ombudsman for Banking Services and Investments (OBSI) and the Financial Consumer Agency of Canada (FCAC).

Source: Financial Consumer Agency of Canada, Opening a bank account. Checked November 2, 2026.

• You get a copy of the account agreement and a list of all charges.
• The bank must tell you its maximum cheque hold periods in writing.
• For new or higher charges, you get at least 30 days notice if you receive statements. If you do not, the notice must be at ATMs at least 60 days ahead.
• Fees that were not disclosed, or that you did not agree to, must be refunded or credited with interest.

These rules are for federally regulated banks. Credit unions are usually regulated by the province, so ask yours.

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