Your banking rights and new protections

Protections for bank customers

Under federal laws and regulations, banks must comply with many consumer protections. These protections help make sure Canadians have access to basic banking services and are treated fairly in their dealings with banks.

They include your right to:

Learn more about your financial rights and responsibilities.

New and enhanced protections for bank customers

Since June 30, 2022, you now benefit from new and enhanced protections when dealing with your bank. The protections are part of Canada’s new Financial Consumer Protection Framework (the Framework) that applies to banks, authorized foreign banks and federal credit unions. 

The new and enhanced protections include:

Learn more about the new and enhanced protections.

Canada’s new Financial Consumer Protection Framework

In 2018, the Government of Canada adopted legislation to modernize the Financial Consumer Protection Framework in the Bank Act. The Framework introduces new and enhanced protections to protect your banking rights and interests. The new and enhanced protections took effect on June 30, 2022.

The legislation also provided the Financial Consumer Agency of Canada (FCAC) with new powers to better protect you in your dealings with banks. FCAC’s new powers came into force in April 2020. They include the power to:

The Framework addresses issues raised by FCAC in its reviews of banks. The reviews highlighted key areas where consumers of bank products and services could be better protected, and where the oversight of banks could be strengthened.

The Framework is also based on extensive consultations with stakeholders across Canada.

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