For Consumers

Consumer Protection : Low-Cost Accounts


Know Your Rights	Voluntary Codes of Conduct	FCAC Role and Mandate

Eight Canadian financial institutions have agreed to offer low-cost accounts to their customers. These financial institutions have committed to offer accounts that meet guidelines set out by the Government in February 2001 to ensure that all Canadians have access to affordable banking services. FCAC monitors financial institutions to ensure that they respect their public commitments.

Click here to view our plain language
Low-Cost Accounts brochure.

The low-cost account guidelines include:

no charge for deposits;
the use of a debit card;
cheque-writing privileges;
free updated account statement or passbook record;
8 to 15 debit transactions per month, at least two of which can be done in-branch; and
a maximum monthly fee of $4.00, reflecting the number of in-branch and the total number of debit transactions allowed.

The following table illustrates the main features of the service packages that banks have designated as their low-cost account.

Institution -- Account Name	Monthly Fee	Maximum Number of Monthly Debit Transactions		Minimum Monthly Balance³ (for monthly fees to be waived)	Handling Fee for Each In-branch Bill Payment	Other Features
Institution -- Account Name	Monthly Fee	In-branch¹	Self-serve²	Minimum Monthly Balance³ (for monthly fees to be waived)	Handling Fee for Each In-branch Bill Payment	Other Features
BMO Bank of Montreal -- Practical Plan	$4.00	10		$1,500	—	Commission-free traveller's cheques (one-signature) included. Up to 20 of chequing/savings accounts can be included within one monthly fee.
CIBC -- CIBC Everyday Chequing Account	$3.90	10		$1,000	—	Free access to PC Financial ABMs
HSBC -- Performance Chequing – Limited	$4.00	10		—	$1.35	One free additional electronic debit for each direct deposit. Free access to ABMs of THE EXCHANGE® Network and to BMO Bank of Montreal ABMs.
Laurentian Bank -- UltraSaver Plus	$2.95	2	6	—	$2.00	—
National Bank -- Accessible	$3.95	2	10	—	$2.00	$1.00 handling fee applies for each ABM bill payment. Free access to ABMs of THE EXCHANGE® Network.
Royal Bank -- Signature Plus Flat Fee Option – Small	$4.00	15 (Max. four assisted transactions)⁴		—	—	One free additional debit (excluding cheques) per automated pay deposit (max. two per month)
Scotiabank -- Basic Banking	$3.95	12 (Maximum four in-branch)		—	$1.50 (unless paid by account debit)	—
TD Canada Trust -- Value Account	$3.95	10		$1,000	$1.00 (unless paid by account debit)	—

¹	In-branch debit transactions include withdrawals, transfers of funds, bill payments and balance inquiries at a financial institution.

Self-serve debit transactions include withdrawals, transfers of funds, bill payments and balance inquiries at an ABM or by Internet/telephone. They also include cheque writing, Interac® direct payments and pre-authorized debits. Network access (Interac®) ABM fees, usually charged when you use an ABM not belonging to your financial institution, are not included, unless otherwise specified.

³	The minimum balance must be maintained throughout the month for the monthly fee to be waived.

⁴	Assisted transactions include cheques, in-branch transactions and ABM bill payments with a payment stub.

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		Last Modified: 2006-09-18	Important Notices