Ottawa is limiting the fees that banks can charge customers who don’t have enough in their accounts to cover a cheque or other pre-authorized charge.
The changes included in an order-in-council last week will take effect starting March 12, 2026.
Get weekly money news
The new rules cap non-sufficient funds fees at $10 for personal deposit accounts and prohibit charging more than one NSF fee in a period of two business days.
The changes also prohibit charging an NSF fee when an account shortfall is under $10.
- Shell to buy Canada’s ARC Resources in output-boosting $16.4 billion deal
- Cenovus says oilfield extension off Newfoundland will hike emissions by 21 per cent
- Oilsands have strong growth potential, but pipeline constraints loom: Enverus
- WestJet cuts flight capacity due to jet fuel costs, following Air Canada’s lead
The government announced in the budget last year that it would cap NSF fees at $10 and place other limits on them.
It said at the time that the fees charged by banks could reach almost $50 and that they disproportionately affect low-income Canadians and people with poor credit history
Comments
Want to discuss? Please read our Commenting Policy first.