Banking Fees in Canada: Patterns and Trends
Author: Bruno Levesque, Charles Gibney, Sami Bibi
Topic: Financial inclusion
Publisher: FCAC - Financial Consumer Agency of Canada
Location: Canada
Format: Report
Content Type: Research
Publication Date: June 30, 2014
The purpose of this report is to provide policy makers, supervisory agencies, researchers, industry stakeholders and the general public with a systematic analysis and broad understanding of the trends related to the banking fees levied on consumers’ deposit accounts in Canada. The principal finding of our research is that the increases in the monthly fees levied on consumers’ deposit accounts have been quite moderate. More precisely, the monthly fees levied on chequing plans increased below the rate of inflation. However, there were significant increases in the variable fees for transactions that exceed the limits of a consumer’s plan or are not covered by it. These findings support the need for financial literacy tools that can help consumers to make informed choices about the chequing account plans that best suit their needs.
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