Ottawa, September 3, 2009 – How do you like to do your banking? What is more important to you: convenience or low fees? Could you benefit from a student, youth or senior citizen's service package, with minimal or no fees? Answering those few simple but significant questions is the first step to finding the personal bank account that best suits your own financial needs. To continue providing consumers with the accurate, up-to-date information they need to help them choose the most appropriate financial products, the Financial Consumer Agency of Canada (FCAC) has updated its user-friendly Cost of Banking Guide.
FCAC's Cost of Banking Guide interactive tool makes it easy to compare features for different chequing and savings accounts, including interest rates. With a few simple clicks, the consumer can narrow the search and find a variety of accounts suit to his or her needs. A database of over 110 accounts, the Cost of Banking Guide tool is a great place to start shopping for a personal account, without having to step out of the house.
"It is important to remember that our financial needs and habits change over time, and that it is possible our current bank account no longer suits our lifestyle or situation," explains FCAC Commissioner Ursula Menke. "Consumers should review their bank accounts regularly to make sure they fit with the type and number of transactions they are accustomed to. By using the Agency's online interactive tool, consumers could find better options."
Consumers can find the Cost of Banking Guide interactive tool by visiting FCAC 's website at moneytools.ca .
Through its consumer education publications and interactive tools, the Financial Consumer Agency of Canada (FCAC) works to increase consumers' understanding of financial products and services. FCAC provides consumers with accurate, objective information on financial products and services and informs them of their rights and responsibilities when dealing with federally regulated financial institutions. In addition, through its financial literacy programs, FCAC helps Canadians build their financial knowledge and confidence in managing their personal finances. FCAC also ensures compliance with consumer protection laws and monitors codes of conduct and public commitments that apply to banks and federally incorporated trust, loan and insurance companies.
To reach us, call our Consumer Contact Centre toll-free at 1-866-461-2232 (TTY: 613-947-7771 or toll-free at 1-866-914-6097) or visit our website at www.fcac.gc.ca .
- 30 -
Media relations:
Sylviane Desparois
Manager, External Communications Officer
613-941-4990
sylviane.desparois@fcac-acfc.gc.ca
Amélie Sirois
Communications Officer
613-941-1526
amelie.sirois@fcac-acfc.gc.ca
