References

General

• Adams, P., Hunt, S., Palmer, C., & Zaliauskas, R. (2021). Testing the effectiveness of consumer financial disclosure: Experimental evidence from savings accounts. Journal of Financial Economics, 141(1), 122–147.
• Bank of Canada. (n.d.). Methods-of-payment survey.
• Campbell, J. Y., Jackson, H. E., Madrian, B. C., & Tufano, P. (2011). Consumer financial protection. Journal of Economic Perspectives, 25(1), 91–114.
• Ipsos. (2025, August 11). Ipsos data indicates Wealthsimple's market penetration in Canada steadily increasing [Press release].
• Sheppard, E. (2024, April 8). Redefining loyalty: Understanding Canadians' relationship with financial institutions. Abacus Data.
• Stango, V., & Zinman, J. (2011). Fuzzy math, disclosure regulation, and market outcomes: Evidence from truth-in-lending reform. The Review of Financial Studies, 24(2), 506–534.

Excess transaction fees

• Prairie Payments Joint Venture. (2023, November 2). Massive growth in online and electronic transfers show Canadians embracing modern payments.

Market dynamics

• Abacus Data (2024). Redefining Loyalty: Understanding Canadians’ Relationship with Financial Institutions.
• Beere, B., Byrne, S., Kelly, J., & Pratap Singh, A. (2022, October). The great account migration: Lessons from behavioural economics (Financial Stability Notes No. 13/FS/22). Central Bank of Ireland.
• Competition and Markets Authority. (2016, August 9). CMA paves the way for Open Banking revolution.
• Competition Bureau. (2024, March). Report to the Minister of Finance regarding the proposed acquisition of HSBC Bank Canada by Royal Bank of Canada.
• Hartfree, Y., Evans, J., Kempson, E., & Finney, A. (2016, April). Personal current account switching: Why don’t more people switch and what could encourage them to do so? Personal Finance Research Centre, University of Bristol.
• Ipsos (2025). Canadian Financial Monitor: Prospectus.
• Ipsos (2025). Switch: Prospectus.

ATM fees

• Bank of Canada. (n.d.). Methods-of-payment survey.
• Bank of Canada. (n.d.). Regulatory oversight of designated clearing and settlement systems.
• Bennett, K., & Goldberg, M. (2024, August 21). Survey: ATM fees reach 26‑year high while overdraft fees inch back up. Bankrate.
• Chen, H., O’Habib, D., & Xiao, H. (2023). How far do Canadians need to travel to access cash? (Staff Discussion Paper 2023‑28). Bank of Canada.
• Chen, H., Xiao, H., O’Habib, D., & Wild, S. (2025). Canadians’ access to cash in 2023 (Staff Analytical Note 2025‑13). Bank of Canada.
• Consumer Financial Protection Bureau. (2021, July 1). Disclosures at automated teller machines (Regulation E).
• Felt, M.‑H., Chernesky, A., & Welte, A. (2025). 2024 methods‑of‑payment survey report: Cash in an era of alternatives (Staff Discussion Paper 2025‑12). Bank of Canada.
• Financial Consumer Agency of Canada. (2022, August). ATM fees.
• Financial Transactions and Reports Analysis Centre of Canada. (n.d.). Money services businesses (MSBs).
• Interac Corp. (2024). Interac inter‑member network disclosure: Bank of Canada prominent payment system risk‑management standards (as at December 31, 2023).
• Link Scheme Ltd. (2026, February 2). The ATM network.
• Yun, S., Ackerman, C., Monckton, G., & Ghogale, M. (2025). Canadian payment methods and trends report 2025 (Edition 12). Payments Canada.

NSF fees

• Bank of Montreal. (2025, May 1). Everyday and business banking: Pricing changes.
• CIBC. (2026, March 12). Personal Account Service Fees.
• Consumer Financial Protection Bureau. (2021, December). Data Point: Overdraft/NSF fee reliance since 2015 – Evidence from bank call reports (Data Point No. 2021 12).
• Consumer Financial Protection Bureau. (2022, February 10). Comparing overdraft fees and policies across banks.
• Consumer Financial Protection Bureau. (2023, October 11). Vast majority of NSF fees have been eliminated, saving consumers nearly $2 billion annually.
• Consumer Financial Protection Bureau. (2023, December). Overdraft and nonsufficient fund fees: Insights from the Making Ends Meet Survey and Consumer Credit Panel.
• Consumer Financial Protection Bureau. (2024, January 31). Fees for instantaneously declined transactions (Proposed rule).
• Consumer Financial Protection Bureau. (2025, January 14). Fees for instantaneously declined transactions; Withdrawal of proposed rule.
• Consumer Financial Protection Bureau. (2025, January 14). Nonsufficient funds (NSF) fees for instantaneously declined transactions.
• Department of Finance Canada. (2024). Budget 2024: Fairness for every generation. Government of Canada.
• Department of Finance Canada. (2025). Regulatory impact analysis statement: regulations Amending the Financial Consumer Protection Framework Regulations (SOR/2025‑96). Canada Gazette, Part II, 159(7).
• Federal Deposit Insurance Corporation. (2022, August 18). Supervisory guidance on multiple re‑presentment NSF fees (FIL 40 2022).
• Financial Conduct Authority. (2018, July). Time to act: A field experiment on overdraft alerts (Occasional Paper No. 40).
• Financial Conduct Authority. (2018, December). High-cost credit review: Overdrafts consultation paper and policy statement (Consultation Paper CP18/42).
• Financial Conduct Authority. (2023, April). Evaluation Paper 23/1: An evaluation of our 2019 overdrafts intervention (EP23/1).
• Financial Consumer Agency of Canada. (2016). Banking fees in Canada (extra fees) [Unpublished internal report].
• Government of Alberta. (n.d.). Payday Loans Regulation (Alta. Reg. 157/2009).
• Government of British Columbia. (2025). Get help managing your government debts.
• Government of British Columbia. (2026). Payday Loans Regulation (B.C. Reg. 57/2009).
• Government of Canada. (2024, June 19). Criminal Interest Rate Regulations (SOR/2024‑114). Canada Gazette, Part II, 158(13).
• Government of Canada. (2025, March 26). Regulations Amending the Financial Consumer Protection Framework Regulations. Canada Gazette, Part II, 159(7).
• Government of Canada. (2026). Interest and Administrative Charges Regulations (SOR/96‑188).
• Government of Nova Scotia. (2015). Payday Lenders Regulations (N.S. Reg. 248/2009, as amended to N.S. Reg. 84/2015).
• Government of Ontario. (2024). Payday Loans Act, 2008, S.O. 2008, c. 9.
• Government of Québec. (2025). Consumer Protection Act (CQLR, c. P‑40.1).
• Government of Saskatchewan. (n.d.). Payday Loans Regulations (P‑4.3 Reg 1).
• Grubb, M. D., Kelly, D., Nieboer, J., Osborne, M., & Shaw, J. (2024, February 22). Sending out an SMS: Automatic enrollment experiments for overdraft alerts. The Journal of Finance.
• National Bank of Canada. (2024, November 1). Fee guide for banking services for businesses.
• National Credit Union Administration. (2025, January). Observations from the NCUA’s new data on non‑sufficient funds and overdraft fees (Research Note).
• Royal Bank of Canada. (n.d.). ACH Direct payments & deposits resource.
• Scotiabank. (2025). Your guide to fees and interest schedules (Business Accounts).
• TD Bank. (n.d.). Business Account Service Charges and Fees (Document No. 520594A).
• U.S. Government. (2024, January 31). Fees for Instantaneously Declined Transactions. Federal Register, 89(21).

Overdraft protection fees

• Bank of Montreal. (n.d.). Global terms and conditions (Overdraft protection).
• Center for Responsible Lending. (2005, May 26). High-cost and hidden from view: The $10 billion overdraft loan market (Issue Paper No. 9).
• CIBC. (n.d.). CIBC overdraft protection service.
• Competition and Markets Authority. (2016, August 9). Retail banking market investigation: Final report.
• Consumer Financial Protection Bureau. (2013, June). CFPB white paper: Payday loans and deposit advance products.
• Consumer Financial Protection Bureau. (2017, August). Data point: Frequent overdrafters.
• Consumer Financial Protection Bureau. (2021, December). Data point: Overdraft/NSF fee reliance since 2015 – Evidence from bank call reports (Data Point No. 2021-12).
• Consumer Financial Protection Bureau. (2022, February 10). Comparing overdraft fees and policies across banks
• Consumer Financial Protection Bureau. (2022, June 16). Measuring the impact of financial institution overdraft programs on consumers.
• Consumer Financial Protection Bureau. (2023, December). Overdraft and Nonsufficient Fund Fees: Insights from the Making Ends Meet Survey and Consumer Credit Panel.
• Consumer Financial Protection Bureau. (2024, January). Overdraft and NSF practices at very large financial institutions.
• Consumer Financial Protection Bureau. (2024, April 24). Data spotlight: overdraft/NSF revenue in 2023 down more than 50% versus pre-pandemic levels, savings consumer over $6 billion annually.
• Consumer Financial Protection Bureau. (2024, December 12). CFPB closes overdraft loophole to save Americans billions in fees.
• Consumer Financial Protection Bureau. (2024, December 30). Overdraft lending: Very large financial institutions (Final rule).
• EQ Bank. (n.d.). EQ bank card: Fees & features.
• Federal Deposit Insurance Corporation. (2008, November). FDIC study of bank overdraft programs.
• Financial Conduct Authority. (2018, March). Consumer research on overdrafts.
• Financial Conduct Authority. (2018, May 31). High‑cost credit review: Overdrafts(CP18/13).
• Financial Conduct Authority. (2018, December). High‑cost credit review: Overdrafts consultation paper and policy statement (CP18/42).
• Financial Conduct Authority. (2019, October 2). PS19/25: Overdraft pricing and competition remedies.
• Financial Conduct Authority. (2020, January 22). Changes to overdraft charges.
• Financial Conduct Authority. (2023, April 19). Overdraft repeat use: Good practice and areas of concern.
• Financial Conduct Authority. (2023, April). An evaluation of our 2019 overdrafts intervention (Evaluation Paper 23/1).
• Financial Consumer Agency of Canada. (n.d.). Overdraft protection.
• Financial Consumer Agency of Canada. (2026, March 25). Getting overdraft protection.
• Government of Québec. (2025). Consumer Protection Act (CQLR, c. P‑40.1).
• Government of Alberta. (n.d.). Credit Union Act (R.S.A. 2000, c. C‑32).
• Government of British Columbia. (n.d.). Financial Institutions Act (RSBC 1996, c. 141).
• Government of Canada. (n.d.). Criminal Code R.S.C., 1985, c. C-46.
• Government of Canada. (n.d.). Bank Act (S.C. 1991, c. 46).
• Government of Canada. (2021). Financial Consumer Protection Framework Regulations (SOR/2021‑181).
• Government of Manitoba. (n.d.). The Credit Unions and Caisses Populaires Act (C.C.S.M. c. C301).
• Government of New Brunswick. (n.d.). Credit Unions Act (C‑32.2).
• Government of Newfoundland and Labrador. (2009). Consumer Protection and Business Practices Act (SNL 2009, c. C‑31.1). 
• Government of Nova Scotia. (n.d.). Credit Union Act (S.N.S. 1994‑95, c. 4).
• Government of Ontario. (n.d.). Consumer Protection Act, 2002 (S.O. 2002, c. 30, Sched. A).
• Government of Prince Edward Island. (n.d.). Credit Unions Act (R.S.P.E.I. 1988, c. C‑29.1).
• Government of Saskatchewan. (n.d.). Credit Union Act, 1998 (S.S. 1998, c. C‑45.2).
• National Bank of Canada. (n.d.). Bank account rates.
• Office of the Comptroller of the Currency. (2023, April 26). Overdraft protection programs: Risk management practices (OCC Bulletin 2023‑12).
• Scotiabank. (n.d.). Overdraft protection.
• TD Bank. (n.d.). Overdraft protection.
• The Pew Charitable Trusts. (2016, December). How a set of small banks compares on overdraft: An analysis of programs, fees, and terms at 45 financial institutions.

Currency conversion markup

• Wise. (2026). G20+ scorecard report 2026: 12 months left: Progress towards direct access and price transparency.

Transfer-out fees

• Adams, P. D., Hunt, S., Palmer, C., & Zaliauskas, R. (2019). Testing the effectiveness of consumer financial disclosure: Experimental evidence from savings accounts (NBER Working Paper No. 25718). National Bureau of Economic Research.
• Canadian Bankers Association. (2009). Guidelines for Transfers of Bank Registered Plans. Canadian Bankers Association.
• Canadian Radio-television and Telecommunications Commission. (2026, March 12). Prohibition of fees that are a barrier to switching cellphone and Internet plans (Telecom Regulatory Policy CRTC 2026‑43).
• Competition and Markets Authority. (2016). Retail banking market investigation: Final report.
• Financial Conduct Authority. (2024). Financial Lives 2024 survey: Retail banking, Selected findings.
• House of Commons Standing Committee on Finance. (2026, February 12). Evidence of the Standing Committee on Finance: Evidence no. 26, 45th Parliament, 1st session (XC26‑1‑2‑451‑26). Government of Canada.
• Klemperer, P. (1995). Competition when consumers have switching costs: An overview with applications to industrial organization, macroeconomics, and international trade. Review of Economic Studies, 62(4), 515–539.
• Organisation for Economic Co-operation and Development. (2023). Applying behavioural insights to consumer and competition policy and enforcement.
• Patel, S. (2025, September 23). Wealthsimple Questrade transfer fee regulation push in Ottawa. CO24.

Prepaid payment products

• Bank of Montreal. (n.d.). BMO prepaid Mastercard.
• Consumer Financial Protection Bureau. (2024, April 19). Prepaid cards and other prepaid accounts.
• European Parliament. (2023, June 28). Payment services and electronic money services in the internal market (proposed Directive of the European Parliament and of the Council.)
• Goldblatt Partners LLP. (2023, December 4). Bernstein v. Peoples Trust Company. (re. 2014 court case re.: Peoples Trust Co.)
• Government of Ontario. (n.d.). Buying or using gift cards.
• Jones, M. (2018, February 1). The not-so-hidden costs of gift and prepaid cash cards. CBC News.
• Kennedy, L. (2025, December 12). Gift card fraud is exploding across Canada — protect your money before scammers drain your balance in seconds. Yahoo Finance Canada.
• KOHO Financial Inc. (n.d.). Cardholder agreement.
• Mordor Intelligence. (2026). Canada prepaid card market size & share analysis: Growth trends and forecast (2026–2031).
• Office de la protection du consommateur. (2025, March 4). Prepaid cards redeemable for specific goods or services.
• Royal Bank of Canada. (n.d.). RBC Right Pay. (access to T&Cs requires login)
• Vanilla Prepaid. (n.d.). Vanilla prepaid cards.
• Yun, S., Ackerman, C., Monckton, G., & Ghogale, M. (2025). Canadian payment methods and trends report 2025 (Edition 12). Payments Canada.

Consumer protection

Summary

• Financial Consumer Agency of Canada. (2025, October 15). Prepaid cards: Know your rights.
• Financial Consumer Agency of Canada. (2025, October 16). Prepaid cards.

Applicable to banks

• Government of Canada. (n.d.). Bank Act (S.C. 1991, c. 46).
• Government of Canada. (2021). Financial Consumer Protection Framework Regulations (SOR/2021-181).

Applicable to federally regulated trust and loan companies

• Government of Canada. (n.d.). Trust and Loan Companies Act (S.C. 1991, c. 45).
• Government of Canada. (2013). Prepaid Payment Products Regulations (SOR/2013-209).

Transparency

Canadian legislation and regulations

• Financial Consumer Agency of Canada. (2022, June 29). The financial consumer protection framework: Enhanced protection for bank customers.
• Financial Consumer Agency of Canada. (2025, October 15). Clear disclosure in your financial documents: Know your rights.
• Government of Canada. (2021). Financial Consumer Protection Framework Regulations (SOR/2021-181), Part 2.
• Government of Canada. (n.d.). Bank Act (S.C. 1991, c. 46), Part XII.2, Division 3: Disclosure and transparency for informed decisions.

Canadian research and reports

• Alberta Securities Commission. (n.d.). Registrant toolkit: Research.
• British Columbia Securities Commission. (2017, October 2). Significant improvements in investor knowledge following new fee disclosure documents, BCSC study finds.
• Canadian Securities Administrators. (2024, April 25). CSA publishes research on impact of Client Relationship Model amendments on industry and investor behaviour.
• Competition Bureau Canada. (2026, January 15). Your data, your control: How data portability can unlock competition and empower consumers.

International reports and benchmarks

• Australian Securities and Investments Commission. (2019, October 14). REP 632: Disclosure: Why it shouldn’t be the default.
• Competition and Markets Authority. (2020, May 15). The retail banking market investigation order 2017.
• European Parliament and Council of the European Union. (2014, July 23). Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features. Official Journal of the European Union, L 257, 214–246.
• European Commission. (2025, September 11). Report from the Commission: Assembling specific payment account related data from Member States as required by Article 27 of Directive 2014/92/EU of the European Parliament and of the Council on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features (COM (2025) 485 final). European Commission.
• Financial Conduct Authority. (2018, December). High-cost credit review: Overdrafts (CP18/42).
• Financial Conduct Authority. (2019, June 7). High-cost credit review: Overdraft policy statement (PS19/16).
• Financial Conduct Authority. (2019, October 2). PS19/25: Overdraft pricing and competition remedies.
• Organisation for Economic Co-operation and Development. (2022). G20/OECD high-level principles on financial consumer protection 2022.
• World Bank. (2017). Good practices for financial consumer protection (2nd ed.).
• European Commission. (2013). Commission staff working document: Impact assessment accompanying the document proposal for a directive of the European Parliament and of the Council on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features (SWD (2013) 164 final). EUR-Lex.

UK regulatory history

• Adams, P., Guttman-Kenney, B., Hayes, L., & Hunt, S. (2018, July). Helping credit card users repay their debt: A summary of experimental research (Research Note). Financial Conduct Authority.
• Competition and Markets Authority. (2014, July 18). Personal current accounts: Market study update. Competition and Markets Authority.
• Competition and Markets Authority. (2023, January 12). Millions of customers benefit as Open Banking reaches milestone [Press release]. GOV.UK.
• Cornelli, G., Doerr, S., Gambacorta, L., & Merrouche, O. (2023). Regulatory sandboxes and fintech funding: Evidence from the UK (BIS Working Papers No. 901). Bank for International Settlements.
• Cruickshank, D. (2000, March). Competition in UK banking: A report to the Chancellor of the Exchequer. The Stationery Office.
• Department for Business, Innovation and Skills. (2012, November 14). Consumer credit regulation: Guidance on the regulations implementing the Consumer Credit Directive updated for EU Commission Directive 2011/90/EU (effective 1 January 2013) (URN 12/1264). Department for Business, Innovation and Skills.
• Financial Conduct Authority. (2014). Annual report and accounts 2013–2014 (HC 349). Financial Conduct Authority.
• Financial Conduct Authority. (2015). Regulatory sandbox. Financial Conduct Authority.
• Financial Conduct Authority. (2018, February 27). Credit card market study: Persistent debt and earlier intervention—Feedback to CP17/43 and final rules (Policy Statement PS18/4). Financial Conduct Authority.
• Financial Conduct Authority. (2022, January). Strategic review of retail banking business models: Annexes to the final report. Financial Conduct Authority.
• Financial Conduct Authority. (2022, July). FG22/5: Final non-Handbook Guidance for firms on the Consumer Duty (Finalised Guidance FG22/5). Financial Conduct Authority.
• Financial Conduct Authority. (2024, February 20). Consumer Duty implementation: Good practice and areas for improvement. Financial Conduct Authority.
• Financial Services Consumer Panel. (2014, September). Cross-subsidisation in the personal current account market (Discussion Paper). Financial Services Consumer Panel.
• Gondat-Larralde, C., & Nier, E. (2006). Switching costs in the market for personal current accounts: Some evidence for the United Kingdom (Bank of England Working Paper No. 292). Bank of England.
• Hunt, S., Kelly, D., & Garavito, F. (2015, March). Message received? The impact of annual summaries, text alerts and mobile apps on consumer banking behaviour (Occasional Paper No. 10). Financial Conduct Authority.
• Independent Commission on Banking. (2011, September). Independent Commission on Banking: Final report: Recommendations. Independent Commission on Banking.
• Office of Fair Trading. (2008). Personal current accounts in the UK: An OFT market study. Office of Fair Trading.
• Office of Fair Trading. (2009, October). Review of the operations of the Payments Council: A follow-up to the work of the Payment Systems Task Force (OFT1071).
• Pay.UK. (2026, January 29). Current Account Switch Service dashboard (Issue 49). Pay.UK.

Switching costs and competition in banking

• Adams, P. D., Hunt, S., Palmer, C., & Zaliauskas, R. (2021). Testing the effectiveness of consumer financial disclosure: Experimental evidence from savings accounts. Journal of Financial Economics, 141(1), 122–147.
• Klemperer, P. (1995). Competition when consumers have switching costs: An overview with applications to industrial organization, macroeconomics, and international trade. Review of Economic Studies, 62(4), 515–539.
• Organisation for Economic Co-operation and Development. (2023). Behavioural insights relevant to consumer policy and market functioning (DSTI/CP (2023)6). OECD document.
• UK Competition and Markets Authority. (2016). Retail banking market investigation: Final report.