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New federal rules limiting non-sufficient funds fees to $10 kick in Thursday
The federal rules limit NSF fees to $10 and restrict multiple charges, potentially saving Canadians over $600 million annually, benefiting low- and moderate-income groups.
- Starting Thursday, the federal government implemented new rules capping non-sufficient funds fees at $10 for personal deposit accounts, now in force in Canada.
- Announced last year, Ottawa’s rules ban charging more than one NSF fee within two business days and fees on shortfalls under $10, balancing consumer protection with payment system integrity.
- Government estimates show there were more than 16.1 million NSF transactions in 2025, generating more than $750 million in fees, and ACORN says the new rules could save more than $400 million annually.
- ACORN Canada hailed the new $10 NSF fee cap as a major win for members, while Daniel Eberhard, founder and CEO of Koho Financial Inc., praised it but urged more competition; the Canadian Bankers Association said fees encourage responsible banking and suggested alerts and overdraft protection.
- Advocates noted earlier proposals for mandatory customer notifications, grace periods, and NSF-fee revenue disclosures were dropped, while until Wednesday, banks could charge up to $48 per NSF transaction and debit purchases generally aren’t subject to NSF fees.
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A new regulation is now in force to limit the fees banks may charge to customers whose bank balance is insufficient to cover a cheque or any other pre-authorized levy.
·Montreal, Canada
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NSF Fee Changes In Place Across Canada As Government Limits Charges On Personal Accounts
New federal rules limiting non-sufficient funds charges have come into effect across Canada, reducing the amount banks can charge customers when they do not have enough money in their accounts. The government has introduced a cap of 10 dollars on NSF fees for personal deposit accounts. The rules came into force on Thursday and are designed to reduce high banking charges faced by many Canadians. Previously, some banks charged up to 50 dollars for…
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Total News Sources31
Leaning Left15Leaning Right1Center5Last UpdatedBias Distribution71% Left
Bias Distribution
- 71% of the sources lean Left
71% Left
L 71%
C 24%
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