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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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Advocacy groups applaud Canada’s new cap on bank NSF fees
Advocacy groups applaud Canada’s new cap on bank NSF fees Advocacy groups applaud Canada’s new cap on bank NSF fees Future of GoodCanadian banks are required to cap NSF fees starting March 12, 2026. (Canva/Supplied) Advocacy groups say they’re happy the federal government has capped non-sufficient funds (NSF) fees, but they’re still advocating for greater transparency. “There’s still some key pieces that we need to fight for, but that’s what we’…
Many Drummondvillois and Centricois have already found the addition of fees of more than $40 to their bank account following a simple...
Coverage Details
Total News Sources27
Leaning Left14Leaning Right1Center5Last UpdatedBias Distribution70% Left
Bias Distribution
- 70% of the sources lean Left
70% Left
L 70%
C 25%
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