Canada FCAC

Canada Caps Low-Cost Bank Accounts at $4/Month

The Financial Consumer Agency of Canada (FCAC) has brought into force its modernized Commitment on Low-Cost and No-Cost Accounts as of December 1, 2025, capping monthly fees for basic bank accounts at $4 and expanding eligibility for $0 accounts to include newcomers to Canada in their first year, Indigenous peoples, social assistance recipients, and Disability Tax Credit recipients. Fourteen federally regulated financial institutions, including Canada's six largest banks (RBC, TD, Scotiabank, BMO, CIBC, and National Bank), have signed on and implemented the Commitment, with FCAC expecting signatories to meet all requirements and monitoring their compliance. Any federally regulated financial institution not yet a signatory should review the Commitment's requirements, as FCAC has encouraged additional institutions to join so more Canadians can benefit.

FCAC National Campaign Offers Free Mortgage Calculator, Budget Planner, Other Tools

The Financial Consumer Agency of Canada (FCAC) launched a national advertising campaign on February 2, 2026, under the theme 'Making the most of your money,' running through March 31, 2026. The campaign promotes free online tools including a Mortgage Calculator, Account Comparison Tool, Budget Planner, and Credit Card Payment Calculator to help Canadians manage debt, compare financial products, and build budgeting habits. FCAC also references its Consumer Information Centre, which provides guidance on mortgage relief options and consumer rights when dealing with federally regulated financial institutions.

NSF Fees Capped at $10 for Canadian Bank Customers

The Regulations Amending the Financial Consumer Protection Framework Regulations came into force on March 12, 2026, capping NSF fees at $10 for federally regulated banks and credit unions. Previously, NSF fees typically ranged from $45 to $48 and could be charged in rapid succession. The new rules prohibit NSF fees charged within 2 business days of a prior NSF fee on the same personal deposit account, and prohibit NSF fees on overdrawn amounts under $10. FCAC will oversee industry compliance, and the government has asked FCAC to prepare a separate report on the structure, level, and transparency of bank fees later in 2026.