Archived - Harper Government Secures Commitment from Largest Banks to Offer No-Cost Accounts for Financially Vulnerable Canadians

May 27, 2014 – Ottawa, Ontario – Department of Finance

To protect consumers and save Canadians money, Finance Minister Joe Oliver today announced that voluntary commitments have been secured from Canada’s eight largest banks to enhance low-cost bank accounts and offer no-cost accounts with the same features as low-cost accounts to a wider range of eligible consumers. No-cost accounts will be available to youth, students, seniors qualifying for the Guaranteed Income Supplement, and Registered Disability Savings Plan beneficiaries. Banks have committed to bringing the voluntary guidelines into force by January 15, 2015.

This action fulfills a 2013 Speech from the Throne commitment to expand no-cost basic banking services and to end pay-to-pay policies, as well as an Economic Action Plan 2014 commitment to enhance access to basic banking services.

Melissa Lantsman
Director of Communications
Office of the Minister of Finance

David Barnabe
Media Relations
Department of Finance

Protecting Consumers. For details, see the PDF version that follows

PDF Version [642 KB]
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