Banking: Your Rights And Responsibilities
Bank legislation refers to both retail deposit accounts and personal deposit accounts. Are these the same?
Under Canadian law, you have certain rights when you are dealing with a federally regulated financial institution. Other deposit-taking institutions, such as credit unions and caisses populaires, are regulated provincially and may have different requirements.
Click on the links below to learn more about your rights and responsibilities when dealing with a federally regulated financial institution:
- Opening an account – your right to have a bank account and to receive information
- Account fee increases or new charges – your right to be notified
- Cashing a Government of Canada cheque – your right to cash your cheque for free
- Holds on cheques – when can you access your money?
- Online payments – what consumer protection applies?
- Branch closures – your right to notice
What you should do if you feel your rights are not being respected
If you feel that a federally regulated financial institution is not respecting your rights, contact FCAC.
Related Resources
- The City
A financial life skills resource - Financial Basics
A financial literacy workshop
- Can a financial institution refuse to open a personal account for me?
- Am I protected if I use Interac Online?
- What is the role of the Ombudsman for Banking Services and Investments?
- Does my bank have a right to hold the funds I deposited by cheque?
- Can a bank refuse to cash a personal cheque for me if I am not a customer?
- How much would it cost to cash my Government of Canada cheque at a payday loan company or another cheque-cashing outlet?
About FCAC
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