Bank fees for non-sufficient funds will be capped at $10—but not until next March Mar 21st

The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?

Latest News

The best high-interest savings accounts in Canada for 2025 + MORE Oct 7th

Savings comparison tool Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance. Advertisement Why trust us MoneySense is an.... More »

The best high-interest savings accounts in Canada for 2026 + MORE Feb 18th

Lowest Winnipeg mortgage rates: Save with Cambrian Credit Union May 9th

When Canadians need a mortgage, they often default to the big banks—but there’s a whole other world of financing options to explore. Credit unions have competitive interest rates in Canada, including Manitoba, plus innovative mortgage options you may not be able to find elsewhere. Shopping aroun.... More »

The best GIC rates in Canada for 2026 Apr 8th

GIC comparison tool Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance. Why trust us MoneySense is an award-winning magazine, helping Canadians navigate m.... More »

The best GIC rates in Canada for 2025 + MORE Nov 10th

Bank fees for non-sufficient funds will be capped at $10—but not until next March

– moneysense.ca

Ottawa has put in place new rules limiting the fees banks can levy on customers who don’t have enough in their accounts to cover a cheque or other pre-authorized charges.

The updates, included in an order-in-council last week (March 12), cap non-sufficient funds fees at $10 for personal deposit accounts, prohibit charging more than one NSF fee in a period of two business days, and prohibit charging an NSF fee when an account shortfall is under $10.

The Finance Department said Wednesday that the changes will take effect starting March 12, 2026.

The government announced in the budget last year that it would reduce the fees, which currently run close to $50 at major banks, saying they disproportionately affect low-income Canadians and people with poor credit history.

Customers have sometimes seen high charges for being only pennies short. In a class-action lawsuit settlement against TD Bank Group last year, the lead plaintiff had been charged $96 for being 45 cents short on a PayPal bill after the merchant tried to put the purchase through twice…

Continue Reading On moneysense.ca »

Getting a favourable bank account in Canada can be tricky – let us help! Visit our Canadian Banks page for the latest rates and articles.

Share