Here is what each one is, what RBC, TD, Scotiabank, BMO and CIBC charge, and how to avoid the common traps of lost drafts and fake cheques.

The short answer

A bank draft is a cheque drawn on the bank itself, paid for with money taken from your account the moment it is issued. A certified cheque is your own cheque that the bank guarantees, with the funds held in your account until it is cashed. A draft costs $9.95 at all five big banks. A certified cheque costs $10.00 at TD, $15.00 at Scotiabank and $20.00 at BMO when you ask for it on your own account.

For most people the draft is the simpler choice. It is the same price everywhere, it comes in US dollars and other currencies at most of these banks, and it is free with several premium packages. A certified cheque only makes sense if you want the money to stay in your account until the payee cashes it.

Bank draft and certified cheque fees at the big five

These are the standard fees for personal accounts, taken from each bank’s own fee schedule on November 14, 2026.

Sources: RBC additional account services page, TD About Our Accounts and Related Services (effective March 5, 2026), Scotiabank bank account fees page, BMO Bank Plans and Fees for Everyday Banking (effective June 2, 2026) and CIBC banking fees page. CIBC says its draft fee is charged in addition to any transaction fee.

A few details sit behind those numbers. Scotiabank’s $9.95 covers a Canadian or US dollar draft for its clients, and its Ultimate Package includes unlimited drafts in both currencies. CIBC charges $9.95 for Canadian, US and foreign currency drafts and money orders.

BMO lists drafts and money orders in all available currencies at $9.95, plus a separate “official cheque” in Canadian dollars only for $5.00. TD’s Borderless Plan has no fee on US dollar drafts. RBC includes up to 12 drafts a year with VIP Banking and up to 6 with Signature No Limit Banking.

Certified cheque fees depend on who asks

Banks charge more when the request comes from someone other than the account holder, for example a payee who brings your cheque to your bank to have it certified. At TD that is $15.00 instead of $10.00, and TD charges $15.00 to people without a TD account.

BMO charges $30.00 instead of $20.00. Scotiabank charges $15.00 when you ask or when a holder who banks with Scotiabank asks, and $25.00 when the holder is not a Scotiabank client. RBC and CIBC did not list a certified cheque fee on the pages we checked, so ask at the branch.

A worked example: three guaranteed payments in a year

Say that in one year you need guaranteed funds three times: a rental deposit, a used car bought privately and a payment to a contractor. Your account has no package that waives these fees.

Three drafts cost 3 x $9.95 = $29.85 at any of the five banks. Three certified cheques on your own account cost $30.00 at TD, $45.00 at Scotiabank and $60.00 at BMO. At TD the two options are within 15 cents of each other. At BMO the certified cheque route costs about twice as much as drafts.

Hypothetical example. Fees are per item for personal accounts and exclude any package that includes drafts or certified cheques at no charge.

How a bank draft works

When you buy a draft, the bank takes the amount from your account straight away and moves it to its own reserve account, according to National Bank. The draft is then payable by the bank, not by you, so it does not depend on money still being in your account when it is cashed.

National Bank asks you to bring the exact amount and the payee’s full name and exact address, and it verifies your identity. Drafts there are issued in branch only, with no appointment needed.

You usually cannot cancel it

National Bank says a draft cannot be cancelled once the negotiable portion has been delivered to the payee. If the deal falls through and you still have both parts, you can return them to the branch for a refund. The stop-payment fees in bank fee schedules apply to personal cheques and pre-authorized debits, not drafts, so do not count on stopping one after you hand it over. If you need to stop a personal cheque instead, see how stop payments work and what they cost.

Losing a draft costs time and money

Keep the non-negotiable stub the bank gives you. National Bank says that if a lost draft has not been cashed and your account is in good standing, it can issue a new one, but you remain liable for both drafts and must sign a statement saying so. Tracing a draft without the stub is possible in some cases but adds fees and a delay of several weeks.

Replacement fees vary. TD charges $10.00 to refund or replace a lost or stolen Canadian or US dollar draft and $22.00 for other currencies. CIBC lists no fee to replace a Canadian dollar draft or money order and $25.00 for US or foreign currency, with conditions.

How a certified cheque works

You write a personal cheque and the bank certifies it, which TD describes as guaranteeing the cheque. The funds are held in your account until the payee cashes it rather than moved out at once. Because it is guaranteed, the FCAC lists a certified cheque as an exception to the usual rule that banks treat a cheque as stale-dated after six months. Our guide to when cheques expire covers the six-month rule in more detail.

How to get guaranteed funds for the lowest cost

1. Ask if a paper item is really needed. Many payees accept an Interac e-Transfer, which has its own timing and limits, or a wire for large sums.
2. Check your package. TD All-Inclusive, the Scotiabank Ultimate Package and the BMO Premium Plan include drafts, and RBC VIP and Signature No Limit include a set number each year.
3. Pick the draft for other currencies. Scotiabank, BMO and CIBC list US or foreign currency drafts at $9.95.
4. Request a certified cheque yourself. At TD and BMO the fee is lower when the account holder asks than when the payee does.
5. Keep the stub and the receipt. You will need them for a refund, a replacement or a trace.

Frequently asked questions

• Sources, checked November 14, 2026: RBC: Additional account services and fees; TD: About Our Accounts and Related Services (effective March 5, 2026); Scotiabank: Bank account fees; BMO: Bank Plans and Fees for Everyday Banking (effective June 2, 2026); CIBC: Banking fees and service charges; National Bank: What is a bank draft?; FCAC: Paying by cheque (modified 2026-10-29); CIBC: How cheque fraud works.
• Method: Fees are the standard per-item amounts each bank publishes for personal accounts. Totals in the worked example were calculated in Python as three times each fee and re-checked by adding three single fees.

Important: This guide is general information, not financial or legal advice. Fees change and can differ by account or package, so confirm the current fee with your bank before you go to the branch. Gizly is not paid by any bank mentioned here. See our affiliate disclosure.