Financial Consumer Agency of Canada confirms 13 institutions sign modernized commitment on low-cost and no-cost bank accounts

The Financial Consumer Agency of Canada (FCAC) announced that 13 federally regulated financial institutions, including Canada’s six largest banks, have signed a modernized Commitment on Low-Cost and No-Cost Accounts. The updated commitment is intended to deliver modernized low-cost accounts priced at no more than CAD 4 per month and broader access to no-cost accounts by 1 December 2025. The modernized package increases included debit transactions by 50%, including commonly used transaction types such as electronic fund transfers (for example, Interac e-Transfers). Eligibility for CAD 0 per month accounts will expand to include newcomers to Canada in their first year and at least one additional group selected by each signatory from Indigenous peoples, recipients of social assistance payments from select provincial or territorial programs, and individuals with a valid Disability Tax Credit Certificate (and/or their supporting family member). Participating institutions must also prominently display information about these accounts in-branch and online and train staff on the options, while FCAC will monitor implementation and supervise compliance. The signatories are Alterna Bank, BMO, CIBC, Hana Bank Canada, ICICI Bank, Industrial Commercial Bank of China, Innovation Federal Credit Union, Laurentian Bank, National Bank, Royal Bank of Canada, Scotiabank, Tangerine Bank and TD Bank.