OTTAWA, ON, Oct. 23, 2026 /CNW/ -- A Review of Banking Fees in Canada (the Review), released today by the Financial Consumer Agency of Canada (FCAC), found that the way some banking fees are structured can make costs harder to understand and compare, with implications for affordability and competition.

The Review highlights several ways banking fees can be difficult for consumers to see or anticipate:

• Multiple fees can apply to a single transaction, increasing its total cost.
• Foreign exchange and cross-border debit fees can be embedded in the cost of a transaction, making the amount consumers pay in fees less visible.
• Usage-based fees can make costs difficult to predict, particularly when consumers have difficulty tracking how many transactions they have made.

Individually, these fees may appear relatively small, but the Review found that they can add up over time. Without a clear picture of the fees they are paying based on their actual usage, consumers may find it harder to assess the total cost of banking.

The Review identified opportunities to improve fee transparency and provide more personalized information about fees paid over time. This would make it easier for consumers to compare products and services.

FCAC's findings provide evidence to inform broader policy discussions on transparency, comparability, switching and competition, including the potential benefits of consumer-driven banking.

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"Canadians should be able to clearly understand what they are paying for banking services. When fees make the full cost harder to see, it affects both affordability and competition. More transparency makes it easier for consumers to compare options and save money, and financial institutions have stronger incentives to compete for their business."

Shereen Benzvy Miller, Commissioner, Financial Consumer Agency of Canada 

Quick facts

• As part of its mandate, FCAC monitors and evaluates trends and emerging issues affecting financial consumers and conducts and leverages research to inform policy and legislative frameworks and strengthen financial consumer protections.
• In Budget 2025, the Government of Canada requested that FCAC examine the structure, level and transparency of fees charged by Canadian banks.
• Canadians benefit from having a wide range of banking products and services to choose from, including low-fee and no-fee accounts available through the Commitment on Low-Cost and No-Cost Accounts, which FCAC supervises. 
• FCAC's Account Comparison Tool helps Canadians compare account options, fees and features. FCAC continues to expand the range of products available through the tool.

Related products

• Backgrounder: Key findings from Review of Banking Fees in Canada

Associated links

• Banking services information for Canadians
• FCAC's Account Comparison Tool 
• New NSF fee regulations bring down cost of banking for Canadians

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SOURCE Financial Consumer Agency of Canada