A low-cost account is a bank account that csts a maximum of $4.00 per month and includes the following features:
No. Eight banks have agreed to offer low-cost accounts. However, their characteristics differ from one bank to another. To find out which banks offer low-cost accounts and learn the characteristics of each account, visit FCAC’s interactive tool Which Bank Accounts are Right for You? You can also ask your bank for more details about these accounts.
Some banks only allow you to make a specific number of debit transactions at a bank teller every month. If you make more debit transactions than you are allowed, you will have to pay extra fees. Ask the bank how much it will cost if you go over the monthly limit. Furthermore, the fees may not be the same for different transactions. For example, the fee for writing a cheque may be higher than the fee for taking money out at a bank machine.
Under Canadian law, everyone has the right to open a bank account.
You can open an account with a bank even if:
To open an account with a bank, you have to:
However, a bank can refuse to open a personal bank account for you if:
Note that responsibility for regulating other deposit-taking institutions, such as credit unions and caisses populaires, lies with the provinces or territories, which may have different requirements.
If a financial institution refuses to open a personal bank account for you, it must notify you of its refusal in writing. The bank must also tell you how to contact FCAC. If you are unable to resolve your dispute with the financial institution, you should contact FCAC.
You can also make a complaint to the financial institution. Federal financial consumer protection legislation requires all federally regulated financial institutions to have a complaint-handling process in place to help resolve disputes between consumers and their financial institutions.
FCAC publishes the complaint-handling process for all federally regulated financial institutions on its Web site: fcac.gc.ca.
Source: Financial Consumer Agency of Canada (FCAC)