Banking packages: How does yours stack up?

News Release

Interactive tool compares 90 account packages
from 12 financial institutions
November 9, 2005
OTTAWA, November 9, 2005 -- The Financial Consumer
Agency of Canada (FCAC) today released the latest update to its Cost of
Banking Guide. Available as an on-line tool or as a printed guide, the
Cost of Banking provides side-by-side comparison tables for 90 account
packages from all the major banks, as well as other financial institutions in
Canada.
Since its launch in 2003, more than 24,000 consumers have used the
interactive, on-line version of the guide. FCAC Commissioner Bill Knight credits
the success of the tool to its convenience. “The Cost of Banking tool is a
really unique and useful way to compare banking packages,” explains
Knight. “It gives consumers the chance to evaluate products offered by a
dozen different institutions from one location”.
After prompting the consumer to answer a few quick questions, the Cost of
Banking tool provides the user with shortlist of all the accounts that match his
or her stated criteria.
Knight suggests that consumers can also use the tool as a way to
periodically revaluate whether their banking package is meeting their needs.
“This is a competitive marketplace, and things change quickly. Even
consumers who are happy with their fees may want to compare their package
against others to see if they can save more money.” Knight also points out
that consumers should consider how their changing habits might affect their
banking needs. “In 2004, 42% of Canadians were banking on-line. The choice
you made five years ago may not be the right choice for your banking habits
now.”
Consumers can access the Cost of Banking tool by visiting FCAC’s Web
site (www.fcac.gc.ca). Print copies of the Cost of Banking
Guide are also available free of charge by calling FCAC’s Consumer
Contact Centre, toll-free at: 1-866-461-3222.
FCAC ensures compliance with the consumer protection laws that apply to
banks and federally incorporated trust, loan and insurance companies. FCAC also
provides consumers with accurate and objective information about financial
products and services, and informs Canadians of their rights and
responsibilities when dealing with federally regulated financial institutions.
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Media contacts:

Martine Bélanger
Media Relations Officer
(613) 941-8982
belanger.martine@fcac.gc.ca

Christina McDonald
Communications Officer
(613) 941-4168
mcdonald.christina@fcac.gc.ca

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Banking packages: How does yours stack up?

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