Survey on Updating Canada’s Low-Cost and No-Cost Banking Services Commitment
Status: Closed
This survey closed on December 31, 2023.
Background
The Financial Consumer Agency of Canada (FCAC) invited comments on the Updating of Canada’s Low-Cost and No-Cost Banking Services Commitment (the Commitment) to make banking more affordable for Canadians.
The public commitment, signed by certain financial institutions back in May 2014, has provided basic banking services at a nominal cost to Canadians and offered no-cost banking services to certain groups (youths, students, seniors receiving the Guaranteed Income Supplement (GIS), and beneficiaries of the Registered Disability Savings Plan (RDSP)).
To reflect the realities of modern banking, the Commitment will be updated based on a ministerial announcement made on October 17, 2023, focusing on securing enhancements to low-cost and no-cost account options from Canadian banks.
Next steps
FCAC will consider all comments received as part of this engagement and will take Canadians’ views and perspectives into consideration when drafting the updated Commitment.
Contact us
Financial Consumer Agency of Canada
Supervision and Enforcement Branch
427 Laurier Avenue West, 6th floor
Ottawa, ON K1R 1B9
FCAC.Consultation.ACFC@fcac-acfc.gc.ca