9/26/2007
OTTAWA, September 26, 2007 The Financial Consumer
Agency of Canada (FCAC) today released an update of its popular Cost of
Banking Guide. The Guide helps consumers shop around to find the best
banking package for their needs. The updated version makes it easier than ever
to compare the fees and features of over 100 bank accounts available
through 18 financial institutions in Canada.
According to a recent survey carried out by FCAC, 96 percent of Canadians have a
bank account and 60 percent of them deal with only one financial
institution. During the last year 8 percent of Canadians opened or tried to
open a bank account, but almost half of them did not shop around.
"Close to 35 percent of Canadian consumers estimate that they pay
over $10 a month in bank fees. There may be better banking options open to them,
but they can't benefit if they don't check and compare," said
FCAC Acting
Commissioner Jim Callon. "The improved Cost of Banking Guide
makes it easier to shop around. It's fast, simple and effective. Most
important, the Guide could save consumers money by helping them find the banking
package best suited to their needs."
The Cost of Banking Guide is available in two formats. As an on-line
interactive tool, it can be found on FCAC's Web site at
www.fcac.gc.ca or through the Agency's new Web portal,
moneytools.ca. The tool asks users a few questions about their
banking habits, and then gives a short list of accounts that best fit their
personal profile. The latest version of the interactive tool allows consumers
to compare up to five banking packages at once or see all banking packages
available by province.
The Guide is also available in print. The updated version organizes the
previous stand-alone tables into three separate booklets: special accounts for
youth, students and seniors; banking packages with no monthly fees for those who
maintain a minimum balance; and banking packages with monthly fees.
Another improvement in the updated Cost of BankingGuide is
that tables are now standardized. Now consumers can easily compare the same
features for every type of account, including:
monthly fees;
the minimum balance required for fees to be waived;
the maximum number of monthly transactions, in branch and self-serve,
that are covered by the fees; and
services offered free of charge, such as personalized or certified
cheques.
For print copies of the Cost of Banking Guide, call FCAC's Consumer
Contact Centre toll-free at 1-866-461-3222 (TTY
1-866-914-6097).
FCAC
ensures compliance with the consumer protection laws, and monitors compliance
with the codes of conduct and public commitments that apply to banks and
federally incorporated trust, loan and insurance companies. FCAC also provides consumers with
accurate, 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
Martine Bélanger
Manager, External Communications
Communications Officer
613-941-8988
613-941-8982
kane.john@fcac.gc.ca
belanger.martine@fcac.gc.ca
