The federal government is taking new steps to make everyday banking more affordable and to ease financial pressures for Canadians, especially for those who feel the squeeze at the end of the month.
This week, Minister François‑Philippe Champagne announced that a new $10 cap on non‑sufficient funds (NSF) fees will come into force on March 12, 2026. NSF fees can currently reach up to $50, and more than one in three Canadians pay at least one each year. By lowering this cost, the government is targeting a real pain point that disproportionately affects people living paycheque to paycheque.
These changes build on ongoing efforts to reduce banking costs and improve fairness in the financial system.
Key Measures
- Capping NSF Fees
Beginning March 12, 2026, financial institutions will be limited to charging a maximum of $10 for NSF fees — a change expected to save Canadians over $600 million annually. - Access to Lower‑Cost Bank Accounts
Fourteen financial institutions have agreed to offer low‑cost accounts for $4 or less per month, ensuring more Canadians can access affordable and reliable banking services. - Faster Access to Deposited Cheques
The maximum amount that Canadians can withdraw immediately after depositing a cheque is increasing from $100 to $250, giving people quicker access to their own money when they need it.
Associated links
Press Release | New NSF fee regulations bring down cost of banking for Canadians
Regulations Amending the Financial Consumer Protection Framework Regulations: SOR/2025-96
