Police in Lethbridge say a teller refused to deposit the cheques into an account the man had opened the day before.
Officers were called in and located the man at a hotel.
Investigators seized several cellphones, fake identifications and financial documentation from banks where accounts had been opened.
Police believe other frauds have been committed throughout Alberta.
Twenty-year-old Idriss Tetangmo of Montreal faces 43 counts of possession of a forged document as well as other charges.
He has been remanded in custody and is to make his next court appearance Wednesday.