January 15, 2015 – Ottawa, Ontario – Financial Consumer Agency of Canada
To support the Government of Canada’s guidelines on low-cost and no-cost bank accounts that are coming into force today, the Financial Consumer Agency of Canada has updated its Account Selector tool. Consumers can now use the tool to calculate their monthly banking fees based on discounts for which they may qualify. The tool makes it easier to compare low-cost and no-cost accounts at various financial institutions and to choose the accounts that best meet their needs.
The enhanced guidelines increase, from 8 to 12, the minimum number of transactions included in low-cost account packages, which are available to anyone, while the maximum monthly fee remains $4. The same packages are available at no cost to youth, students, Registered Disability Savings Plan beneficiaries and seniors receiving the Guaranteed Income Supplement.
“The beginning of a new year is a great opportunity to review your banking habits and determine whether your current package still meets your needs. I encourage consumers to use FCAC’s Account Selector tool to assess the benefits of different, lower-cost packages and whether they would be eligible for no-cost accounts. By choosing a package that suits their personal situations and financial habits, they can keep their monthly fees low while saving money in the long run.”
Lucie Tedesco, Commissioner, Financial Consumer Agency of Canada
Natasha Nystrom
Media Relations Officer
Financial Consumer Agency of Canada
613-941-4168
Natasha.Nystrom@fcac-acfc.gc.ca
The Financial Consumer Agency of Canada (FCAC) is online at
www.itpaystoknow.gc.ca.
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