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For Consumers |
Consumer Protection: Know Your Rights |
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Your New Banking Rights
Protecting consumers: The new federal banking regulations
Whether you need to cash your paycheque or pay a bill,
having a basic personal bank account is essential. To ensure that all Canadians can
obtain these accounts, the Government of Canada has introduced the Access to
Basic Banking Services Regulations, which took effect on September 30, 2003.
The Financial Consumer Agency of Canada (FCAC) is responsible for enforcing these
regulations, which will make the rules for obtaining a basic personal bank account clearer
for Canadians. For example, a bank can not refuse to open a basic personal account for you just because:
- you don't have a job;
- you are or have been bankrupt; or
- you're not depositing money into the account.
A bank must also cash most Government of Canada cheques for
non-customers at no charge.
If you'd like to know more...
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