Review of banking fees in Canada
Account maintenance fees
Account maintenance fees cover a defined set of services and vary in cost depending on the account plan.
Excess transaction fees
Deposit accounts typically include either a set limit of monthly debit transactions or unlimited transactions.
ATM fees
ATM withdrawals can result in multiple fees, with costs varying based on the withdrawal location and account features.
NSF fees
Non-sufficient funds (NSF) fees are charged when a payment or withdrawal is declined because the account has insufficient funds available.
Overdraft protection fees
Overdraft protection provides access to credit when account balances are insufficient. Interest is payable on the overdrawn amount.
Currency conversion markup fees
Markup charged to consumers when converting money from one currency to another.
Cross-border debit fees
Fee charged to consumers when making debit purchases and withdrawals outside of Canada. Cross-border debit fees also apply to refunded or credited amounts.
Transfer-out fees
Fees charged by the relinquishing bank to transfer assets or cash held in a registered account to another financial service provider.
Prepaid payment products
The costs associated with prepaid payment products can vary widely depending on their fee structures and usage patterns.
Transparency
Transparency refers to the clear and timely communication of information that is accessible in a manner that enables informed decision-making.
Key findings
The overall cost of banking for Canadians is driven by the cumulative effect of multiple fees that can interact, accumulate and, in some cases, compound within a single transaction.
Annexes
Insights into other jurisdictions, recent disclosure reforms in Canada, and additional data on the Canadian market.
Information contained in this publication or product may be reproduced, in part or in whole and by any means, for personal or public non-commercial purposes without charge or further permission, unless otherwise specified. Commercial reproduction and distribution are prohibited except with written permission from the Financial Consumer Agency of Canada.
For more information, contact:
Financial Consumer Agency of Canada
427 Laurier Ave. West
Ottawa ON K1R 7Y2
www.canada.ca/en/financial-consumer-agency
Cat. No.: FC5-107/2026E-PDF (PDF, English)
ISBN: 978-1-100-01032-8
© His Majesty the King in Right of Canada, as represented by the Minister of Finance Canada, October 2026.
Aussi disponible en français sous le titre: Examen des frais bancaires au Canada