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ARTICLE · 09 APRIL 2025

Federal Government Limits NSF Fees

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Following a consultation period with consumer groups and the banks, the federal government has amended the Financial Consumer Protection Framework Regulations under the Bank Act (the Amendments)...

CanadaFinance and Banking
Brigitte Goulard
Brigitte Goulard
Peter Aziz
Peter Aziz
Eli Monas
Eli Monas
Hailey Schnier
Hailey Schnier
James Flynn
James Flynn
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Following a consultation period with consumer groups and the banks, the federal government has amended the Financial Consumer Protection Framework Regulations under the Bank Act (the Amendments) to limit non-sufficient funds (NSF) fees for personal deposit accounts to $10. The Amendments also prohibit the imposition of (i) more than one NSF fee in a period of two business days and (ii) an NSF fee on accounts that are in unauthorized overdraft by less than $10. The Amendments follow the federal government's 2023 budget commitment to "crack down on junk fees" in line with other jurisdictions, and the 2024 budget commitment to impose lower banking fees to address the rising cost of living in Canada.

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