New federal rules limiting non-sufficient funds fees to $10 kick in Thursday
The federal rules limit NSF fees to $10 and restrict multiple charges, potentially saving Canadians over $600 million annually, benefiting low- and moderate-income groups.
- Starting Thursday, the federal government implemented new rules capping non-sufficient funds fees at $10 for personal deposit accounts, now in force in Canada.
- Announced last year, Ottawa’s rules ban charging more than one NSF fee within two business days and fees on shortfalls under $10, balancing consumer protection with payment system integrity.
- Government estimates show there were more than 16.1 million NSF transactions in 2025, generating more than $750 million in fees, and ACORN says the new rules could save more than $400 million annually.
- ACORN Canada hailed the new $10 NSF fee cap as a major win for members, while Daniel Eberhard, founder and CEO of Koho Financial Inc., praised it but urged more competition; the Canadian Bankers Association said fees encourage responsible banking and suggested alerts and overdraft protection.
- Advocates noted earlier proposals for mandatory customer notifications, grace periods, and NSF-fee revenue disclosures were dropped, while until Wednesday, banks could charge up to $48 per NSF transaction and debit purchases generally aren’t subject to NSF fees.
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A new regulation is now in force to limit the fees banks may charge to customers whose bank balance is insufficient to cover a cheque or any other pre-authorized levy.
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cochranenow.comCanadians to pay less in non-sufficient funds banking fees under new federal cap
The federal government is capping non-sufficient funds fees at $10 starting March 12, reducing charges that can reach as high as $50. File Photo / Discover Airdrie .captiontext { font-size:90%;font-style: italic;margin-right:20px; } The federal government is capping non-sufficient funds fees at $10 starting today, reducing charges that can reach as high as $50. Finance Minister François-Philippe Champagne announced the measure Wednesday. Under t…
Ckpg Today
New federal rules limiting non-sufficient funds fees to $10 kick in Thursday
New rules are now in effect limiting the amount that banks can charge customers who don't have enough money in their accounts to cover a cheque or other pre-authorized charge. Canada's new cap on non-sufficient funds fees is set at $10 for personal deposit accounts. The changes, announced by Ottawa last year and which kicked in on Thursday, also prohibit banks from charging more than one NSF fee in a period of two business days for the same depo…
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