Charlottetown 
Canadians now have access to more affordable banking options as a modernized commitment on low-cost and no-cost accounts takes effect.
Fourteen federally regulated financial institutions, including major players like RBC, TD, BMO, Scotiabank, CIBC and National Bank, have implemented the new rules overseen by the Financial Consumer Agency of Canada (FCAC).
Under the modernized rules, low-cost chequing accounts are capped at $4 per month and must include at least 18 debit transactions, which can cover things like Interac e-Transfers, bill payments, debit purchases, and cash withdrawals. The updated version allows for up to 50% more transactions compared to the previous framework.
Certain groups qualify for accounts with no monthly fees. These include seniors receiving the Guaranteed Income Supplement, youth, students, newcomers in their first year, and Registered Disability Savings Plan beneficiaries.
Banks must also offer free accounts to at least one of three additional groups: Indigenous peoples, social assistance recipients, or Disability Tax Credit recipients and their supporting family members.
All participating institutions must clearly promote these accounts in-branch and online. They’re also required to train staff to inform customers about eligibility and features, and to use simple, accurate language in all communications.
Minimum account features include no minimum balance, cheque-writing privileges, digital monthly statements, and no extra fees for deposits, pre-authorized payments, or switching accounts within the same institution. Printed statements and cheque image viewing must also be offered at no extra charge. Joint accounts are allowed when appropriate.
The following institutions have signed on:
- Alterna Bank
- Bank of China (Canada)
- BMO
- CIBC
- Hana Bank Canada
- ICICI Bank
- Industrial Commercial Bank of China
- Innovation Federal Credit Union
- Laurentian Bank
- National Bank
- Royal Bank of Canada
- Scotiabank
- Tangerine Bank
- TD Bank
The FCAC will monitor compliance and encourages Canadians to compare options using its online tools, including a bank account comparison resource. The agency notes that its mandate includes supervising federally regulated financial institutions and supporting financial literacy.
