OTTAWA, September 20, 2006 - 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 account packages
from all
the major banks, as well as other financial institutions in Canada.
Since its launch in 2003, the interactive on-line version of the guide has been
used extensively by consumers. Seven new financial institutions have been
introduced
and 20 new banking packages have been added to the 2006 edition, for a grand total
of 110 account packages from 19 financial institutions.
FCAC Commissioner Bill Knight invites consumers to put their banking package to
the test, as financial institutions often introduce new products to the market
and sometimes make changes to their banking fee structures. "The Cost of
Banking Guide interactive tool is a really unique and useful way to compare
banking
packages," explains Knight. "It gives consumers the chance to
periodically
re-evaluate whether their banking package is still meeting their
needs."
The Cost of Banking Guide on-line interactive tool prompts the user to
answer a few quick questions, and then provides a short list of all the accounts
that match the stated criteria. It will also highlight the user's
eligibility for any special accounts that may apply, such as senior,
student or youth accounts.
"People's banking needs can change with time, which is why consumers
should review their existing account package to make sure it fits with the type
and number of transactions they are accustomed to. If consumers find a more
appropriate
package through the Agency's on-line interactive tool, they can talk to
their
financial institution, which may offer them another type of account. If not,
consumers
can shop around to find another financial institution that will offer them a
product
better suited to their needs," adds Knight.
Consumers can access the Cost of Banking Guide interactive tool by visiting
FCAC's
Web site at: 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 federal 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:
John Kane
Manager, External Communications
(613) 941-8988
kane.john@fcac.gc.ca
Martine Bélanger
Communications Officer
(613) 941-8982
belanger.martine@fcac.gc.ca
