New NSF fee regulations bring down cost of banking for Canadians

New regulations come into force today capping at $10 the non-sufficient fund (NSF) fees federally regulated banks charge Canadians.

New regulations come into force today capping at $10 the non-sufficient fund (NSF) fees federally regulated banks charge Canadians. This new measure will help all consumers, especially those who are financially vulnerable.

FCAC will oversee industry compliance with the new NSF fee requirements, which include the following consumer protections:

FCAC has information for consumers on Canada.ca explaining their rights regarding NSF fees.

“Even if someone is just $5 short when paying a bill or covering a cheque, they can be hit with a non-sufficient funds fee as high as $50. That’s money that could otherwise go toward groceries, medicine, or other everyday essentials. And this isn’t uncommon—more than one in three Canadians are affected by these fees. By capping NSF fees at $10 and strengthening consumer protections, we’re helping Canadians keep more of their hard-earned money while making everyday banking fairer and more affordable.”

The Honourable François-Philippe Champagne, Minister of Finance and National Revenue

“The new NSF fee regulations represent an important step forward in consumer protection. These fees disproportionately affect Canadians who are already struggling financially. The restrictions on NSF fees will bring down the costs of banking for many Canadians. FCAC will oversee compliance with the new NSF fee requirements, making sure that the rights and interests of financial consumers are protected.”