Print out currency value in java using NumberFormat

You can try the following

String number = String.format("%.2f", this.balance);
NumberFormat nf =  NumberFormat.getCurrencyInstance(Locale.CANADA);
System.out.println("Checking account balance = "+ nf.format(Double.valueOf(number)));

The balance is formatted as you wish and then it is converted to the currency format

NumberFormat numberFormat = NumberFormat.getCurrencyInstance(Locale.CANADA);
BigDecimal balance = BigDecimal.valueOf(12323);
System.out.println(String.format("Checking account balance = %s",numberFormat.format(balance)));

As the NumberFormat will be the responsible for formatting your balance, you don't need to format it using String.format.

So you could use something like that:

System.out.println("Checking account balance = " + nf.format(balance));

Just to highlight, I've removed also the $ from the text, as the NumberFormat will handle that for you.

Use nf.format(value) to format the value as per locale needed.

 NumberFormat nf =NumberFormat.getCurrencyInstance(Locale.CANADA);
 String balance = nf.format(this.balance);
 System.out.println("Checking account balance = "+balance);