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Fewer banking fees, help for mortgage holders—here’s what new rules could mean for Canadians

– moneysense.ca

On October 17, Deputy Prime Minister and Minister of Finance Chrystia Freeland announced new affordability measures related to mortgages and banking, prepared in consultation with the Financial Consumer Agency of Canada (FCAC), a consumer watchdog organization that focuses on financial services. The package is the latest in a series of changes introduced by the federal government over the last two years, designed to assist Canadians struggling with inflation and the high cost of living.

What is the Government of Canada proposing?

Minister Freeland’s proposal tackles four areas: mortgages, bank account fees, junk fees and dispute resolution. Junk fees include as the cost Canadians pay for non-sufficient funds (NSF), overdraft protection, debit transactions and Interac e-Transfers. Here’s how:

New mortgage guideline for banks

In early October, Minister Freeland met with the CEOs of Canada’s largest banks to discuss the government’s new mortgage guideline, issued by the FCAC, that asks banks to proactively assist Canadian mortgage-holders who are struggling to meet rising costs…

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