OTTAWA — Ottawa has put in place new rules limiting the fees banks can levy on customers who don’t have enough in their accounts to cover a cheque or other pre-authorized charges. The updates, included in an order-in-council last week, cap non-sufficient funds fees at $10 for personal deposit accounts, prohibit charging more than one […]
  • d3lta19
    1·
    8 hours ago

    Why does this take a year to come into effect? Why not April 2025?

    • CowsLookLikeMapsOPEnglish
      6·
      18 hours ago

      The $50 fee was ridiculous. $10 is still dumb but way more manageable.

      • TheTechnician27@lemmy.worldEnglish
        7·
        18 hours ago

        A proposed rule to require a warning to customers about a potential charge and to give a grace period to fix the problem appears to have been dropped, as was a requirement that banks disclose statistics on the fees such as total revenue and total number of NSF fees charged.

        This part’s definitely bullshit.

  • Pasta Dental@sh.itjust.works
    2·
    18 hours ago

    Amazing news, March 2026 can’t come soon enough even though it’s not a problem for me because it only happened to me on accidents, it still sucks having to pay 40$ in fees. 10$ will be more digestible