Canadians could soon see lower banking fees thanks to new rules from the federal government.
Finance Minister François‑Philippe Champagne announced that non-sufficient funds (NSF) fees on personal bank accounts are now capped at $10. Previously, some banks were charging as much as $45 to $50 when a payment went through without enough money in the account.
NSF fees happen when there isn’t enough money in an account to cover a cheque or pre-authorized payment. Under the new rules, banks also can’t charge more than one NSF fee within a two-business-day period, and they won’t be allowed to charge the fee at all if the account is short by less than $10.
The federal government says the changes could save Canadians hundreds of millions of dollars each year, especially for people who are already stretching their budgets.
The new cap is part of a larger push to make banking more affordable, including expanding low-cost and no-cost bank account options across Canada.
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