Account fee increases or new charges: rights and responsibilities

From: Financial Consumer Agency of Canada

You have the right to receive information about fees and charges that apply to your accounts.

When a federally regulated financial institution (FRFI) increases a fee or introduces a new charge, it must provide written information about this change, at least 30 days before it takes effect, to customers who receive account statements. The financial institution may provide this information to you electronically if you consent to receive required information in electronic format rather than as paper documents.

The institution must also display information about the change in each of its branches, on its website and at automated banking machines (ABMs) at least 60 days before the change takes effect.

Check the notices displayed in your branch, on your financial institution’s website or at its other points of service.

You can compare account fees, interest rates and other features using the Account Comparison Tool.  

What you should do if you feel your rights are not being respected

If you feel that a federally regulated financial institution is not respecting your rights, contact the Financial Consumer Agency of Canada.

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