meta_id 2960776

On March 12, 2026, the Financial Consumer Agency of Canada (FCAC) brought into force new regulations capping non-sufficient fund (NSF) fees charged by federally regulated banks at $10 per occurrence. The Regulations Amending the Financial Consumer Protection Framework Regulations introduce consumer protections designed to reduce banking costs, particularly for financially vulnerable Canadians. The new NSF fee requirements prohibit banks from charging consumers more than $10 when insufficient funds prevent payment coverage on personal deposit accounts. Additionally, consumers cannot be charged an NSF fee more than once within a two-business-day period for the same account, and no NSF fees apply to overdrawn amounts under $10. Prior to these regulations, NSF fees typically ranged from $45 to $48 and could be charged in rapid succession due to multiple declined payments. According to the government, more than one in three Canadians are affected by NSF fees. The FCAC will oversee industry compliance with the new requirements. The agency has published consumer information on Canada.ca explaining rights regarding NSF fees for chequing accounts. Separately, fourteen federally regulated financial institutions, including Canada's six largest banks, have committed to modernized no-cost and low-cost accounts costing no more than $4 per month, effective since December 1, 2025. The government has requested that FCAC prepare a report on the structure, level, and transparency of fees charged by Canadian banks, which will be published later in 2026. Consumers are advised to review their account agreements and contact their banks with questions about fees and charges.