2014 Low-Cost Account Guidelines

The objective of these Guidelines is to ensure Canadians have access to basic banking services at a nominal cost through a low-cost account and that youths, students, Guaranteed Income Supplement (GIS) recipient seniors and Registered Disability Savings Plan (RDSP) beneficiaries have these same services at no cost through a no-cost account. The Guidelines represent the minimum service level for low-cost and no-cost banking services.

The Guidelines are indeterminate and as low-cost and no-cost banking needs change, banks will expand services to meet the needs of consumers.

Banks bring the Guidelines into force by January 15, 2015.

Separate from this low-cost account and no-cost account commitment, banks commit to provide free monthly printed credit card statements.

[1], [2], [3], [4] Where these services are available to other retail customers.

Page details

Date modified: