Banking Information Payments

Lenders will need a void cheque or pre-authorized debit form from your bank. This lets them set up your mortgage payments automatically.

Simple, but important — especially in the final stages.

Once your mortgage is approved, there’s one last piece to lock in before the lender can fund your purchase: setting up the bank account your payments will come from.

If you’re a first-time homebuyer or switching lenders, this step is easy to overlook — but it’s critical. Lenders need accurate banking info so they can withdraw your mortgage payments automatically, starting right from day one.

In this guide, we’ll walk you through exactly what Canadian lenders expect, how to get your banking details, and how to submit them securely (without the last-minute panic).

Why Do Lenders Need Your Banking Info?

Before your mortgage funds can be released, your lender needs to know exactly where the payments will be coming from. It’s not just a formality — it’s how they set up automatic withdrawals, also known as pre-authorized debits.

It’s a simple system that ensures your payments come out on time, without you having to think about it each month. Less to manage, fewer things to forget — and no risk of late fees because a payment got missed.

Setting this up ahead of time means:

• Your first mortgage payment won’t bounce
• You avoid unnecessary fees or delays
• Your closing stays on schedule (and trust us, timing matters)

We’ve seen closings delayed just because a void cheque wasn’t submitted in time. It feels small — until it holds up your keys.

What Banking Info Do Lenders Actually Need?

To get your mortgage payments set up properly, your lender will need a few specific details from your chequing account. Here’s what they’re looking for:

• Your full legal name — exactly as it appears on your bank account
• Your institution number (that’s a 3-digit code tied to your bank)
• Your transit number (5 digits that identify your local branch)
• Your account number — usually somewhere between 7 and 12 digits
• The name of your financial institution (think TD, RBC, Scotiabank, etc.)

Using a joint account?

If you’re buying with someone else — a spouse, partner, or co-signer — and planning to use a joint account for the mortgage payments, make sure both names are on that account. In some cases, the lender might also ask for signatures from both of you.

It’s a small detail, but if it’s missed, it can delay things right when timing matters most.

Most lenders rely on Void Cheques or Pre-Authorized Debit (PAD) Forms, but there are a few other acceptable ways to provide banking info — especially when buyers don’t have cheques, are self-employed, or are using online-only banks. Here is the list: