Your banking rights and upcoming new protections

Current protections for bank customers

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

They include your right to:

Learn more about cashing a Government of Canada cheque.

Learn more about clear information on your financial documents.

Learn more about giving your express consent for financial products and services.

Learn more about how to make a complaint to a financial institution.

New and enhanced protections

As of June 30, 2022, you’ll benefit from new and enhanced protections in your dealings with banks.

The protections are part of Canada’s new Financial Consumer Protection Framework (the Framework). They apply to customers of banks, authorized foreign banks and federal credit unions.

Enhanced disclosures

Banks will have to disclose more information to you about your day-to-day banking. This will help you make informed and timely decisions about your finances and protect you from financial harm.

For example, banks will have to provide:

Learn more about the new electronic alerts.

Enhanced complaint-handling procedures

All banks must have procedures to handle complaints and resolve customer problems. They include access to an independent and impartial review by an external complaints body (ECB). You have a right to bring your complaint to an ECB when your bank has not been able to resolve it in a timely way or if you are unsatisfied with the bank’s response.

Under the Framework, banks and ECBs will have to strengthen their complaint-handling procedures.

One important new requirement is that banks will have to deal with your complaint within a specific period – 56 days. 

The changes will help you get your issues resolved in a more timely and effective way.

Other measures to better protect bank customers

The Framework will better protect you in several other important ways.

For example, it includes new obligations on banks, such as having to:

Banks will also have to improve existing protections that prohibit them from: 

Banks will also have to improve their business practices, such as:

Banks will also have to cash, free of charge, Government of Canada cheques of $1,750 or less with proper identification. The current maximum amount is $1,500.

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 advance your banking rights and interests, which will take effect on June 30, 2022.

The legislation also provides the Financial Consumer Agency of Canada (FCAC) with more 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 the banking industry. The reviews highlighted key areas where consumers of banking products and services could be better protected, and the oversight of banks could be strengthened.

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

Related links

Report a problem or mistake on this page
Please select all that apply:

Thank you for your help!

You will not receive a reply. For enquiries, contact us.

Date modified: