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Client Services Helpdesk

How do I change my banking information?

Ethan Penney
  • Updated

To update your banking details, you must submit a banking change request through the Contractor Portal. If you’re unsure how to do this, follow the steps below.

Please note that the banking information will only be updated when the process outlined in this article is complete. It is not automatically updated when you submit it in the portal.

HOW TO SUBMIT A BANKING CHANGE

Here are the basic steps:

  1. Log in to the Contractor Portal.
  2. Click your name at the top right of the page, then click Profile. This will open your profile settings.
  3. Scroll down and click Initiate Banking Change
  4. Complete and submit the form

BEFORE YOU START: CLOSING YOUR BANK ACCOUNT

If possible, do not close your current bank account until we confirm your new banking details have been updated. Closing your account too early may result in payments being sent to a closed account, which can cause delays. If you are unable to keep your account open, please notify us as soon as possible.

FILLING OUT THE FORM

Ensure all information entered matches exactly with your supporting document.

Account Holder Name

  • Must match your legal name or registered business name
  • Use:
    • Your personal legal name (employees or sole proprietors without a business name), or
    • Your registered business name (incorporated contractors or sole proprietors operating under a business name)
  • This name must match your onboarding records

Institution Number / Branch/Transit Number / Account Number:

Provide the following:

  • Institution Number (3 digits)
  • Transit / Branch Number (5 digits)
  • Account Number (7–12 digits)

Where to find these numbers

Void cheque:

  • Transit number: 5 digits
  • Institution number: 3 digits
  • Account number: last set of numbers
    (Cheque number is not required)

Bank statement:

  • Often shown as: Transit–Account Number (e.g., XXXXX–XXXXXXX)
  • The institution number may not appear—if missing, you can look it up online

Common Institution Numbers

  • BMO: 001
  • Scotiabank: 002
  • RBC: 003
  • TD: 004
  • CIBC: 010

UPLOAD A SUPPORTING BANK DOCUMENT

You must upload one valid document to verify your banking details.

Accepted documents:
  • Bank statement
  • Void cheque
  • Direct deposit form

These are typically available through your online banking platform.

All details on the document must match the form exactly.

DOCUMENT REQUIREMENTS

All documents must:
  • Be clearly visible (not cropped or blurry)
  • Include pre-printed account details (no handwritten information)
  • Show your full legal name or business name (no abbreviations)
  • Include bank account details (institution number is not required if not shown on bank statements)
  • Display the bank’s logo or official letterhead

Additional requirements by document type:

Void cheque:

  • “VOID” must be clearly written across the cheque
  • Must include full name and address

Bank statement:

  • Must include full name and address

Note: Bank stamps are no longer required for direct deposit forms.

COMPLIANCE CHECKLIST

The compliance checklist uses automated validation, which may occasionally flag items incorrectly.

  • Review and correct any valid issues before submitting
  • If a flag appears incorrect, you can still proceed—your submission will be reviewed by our team

ID VERIFICATION

After submitting your request, we will reach out to you to schedule a video call (typically via Microsoft Teams). This call typically takes around 5 minutes to complete.

This step helps protect all parties against fraudulent activity.

During the call:

  • We will ask you security questions related to your engagement with Procom and your personal details
  • You must present a government-issued photo ID (e.g., driver’s licence or passport)
  • Your camera must be on so we can verify your identity and review your photo ID document

PROCESSING

Once your identity has been verified:

  • We will review your submission
  • Update your banking information in our system
  • Submit it for final compliance approval

Processing time: 1-2 business days

You will be notified once your new banking details are active.

Please note that if you have a scheduled deposit within 5 days of a banking change request, we cannot guarantee that the funds will be deposited into the new account.