Financial Consumer Agency of Canada

www.fcac-acfc.gc.ca

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5. > Low-cost accounts

Low-Cost Accounts

Low-cost accounts are account packages that cost a maximum of $4 per month.

The federal government signed an agreement with certain financial institutions under its jurisdiction. Under this agreement, eight banks have agreed to offer low-cost accounts to consumers. However, many other banks and financial institutions also offer account packages with low monthly fees. Contact your bank or financial institution to find out if it offers a low-cost account package.

Each bank has its own version of the low-cost account, but all packages of this type offer:

• a debit card
• free deposits
• a limited number of in-branch transactions
• a free monthly statement or passbook.

Service fees apply to all of the transactions you make that are over your monthly limit.

In-branch transactions are those made with the help of a teller, such as:

• withdrawals (taking money out of your account) at a branch
• transfers between accounts, at a branch
• bill payments made at a bank branch.

Self-serve debit transactions are transactions that you make without the help of a teller, such as:

• withdrawals (taking money out of your account) at an automated banking machine (ABM)
• transfers between accounts at an ABM, by phone or on the Internet
• bill payments at an ABM, by phone or on the Internet
• writing cheques
• debit card purchases at the point of sale (for example, at a store)
• pre-authorized debits

• Low-cost accounts summary
  Features and fees at a glance
• Savings accounts
  How to help your money grow
• Chequing accounts
  Managing your day-to-day banking transactions
• Joint accounts
  What you should know before opening an account with someone else
• Debit cards
  How to save on fees when using your debit card

Related Resources

Date Modified:

2012-07-31