The government announced in the budget last year that it would cap NSF fees at $10 and place other limits on them
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Published Mar 19, 2025 • Last updated 37 minutes ago • 1 minute read
Fees charged by banks could reach almost $50 and that they disproportionately affect low-income Canadians and people with poor credit history. Photo by Ryan Remiorz/The Canadian Press/Postmedia files Ottawa is limiting the fees that banks can charge customers who don’t have enough in their accounts to cover a cheque or other pre-authorized charge.
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The changes included in an order-in-council last week will take effect starting March 12, 2026.
The new rules cap non-sufficient funds fees at $10 for personal deposit accounts and prohibit charging more than one NSF fee in a period of two business days.
The changes also prohibit charging an NSF fee when an account shortfall is under $10.
The government announced in the budget last year that it would cap NSF fees at $10 and place other limits on them.
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It said at the time that the fees charged by banks could reach almost $50 and that they disproportionately affect low-income Canadians and people with poor credit history.
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