Business · Companies · 6 hrs ago
Canadian agency says bank fees can be hard to see and add up
The Financial Consumer Agency of Canada says bank fees can be hard to see and add up over time.
Fees may be combined within a transaction, including charges for foreign exchange and cross-border debit payments.
Usage-based fees can also make costs difficult to predict, especially when customers cannot easily track how many transactions they make.
People with lower incomes or less savings may be hit harder, particularly if they rely heavily on everyday banking.
The agency says customers need clearer fee information throughout their use of banking services, and wants banks to help reduce fees.
Ottawa has asked the agency to examine bank fees and said in its 2025 budget it would work with banks to make fees for sending money abroad more transparent.
Canada’s financial consumer watchdog says bank fees can be hard to see and may add up over time.
The agency says fees embedded in transactions and charges based on usage can make costs less clear or harder to predict.
Customers with lower incomes, less savings or greater reliance on daily banking may be affected disproportionately.
The watchdog is calling for banks to help reduce fees and provide better information to customers.
The review was requested after the federal government said it would work with banks to improve transparency on fees for sending money abroad.
- Who
- The Financial Consumer Agency of Canada (FCAC) reviewed bank fees. Its commissioner is Shereen Benzvy Miller.
- What
- The FCAC says bank fees can be difficult to see or predict and can add up over time.
- When
- The review was released Friday, October 23, 2026.
- Where
- Canada.
- Why
- The review examined the structure, level and transparency of bank fees after the federal government asked the FCAC to prepare a report.
This story does not have two clearly opposing sides.
Ottawa said it would work with banks to bring more transparency to fees for sending money abroad and asked the FCAC to prepare a report on bank fees.
The FCAC released its review of bank fees.
- Agency
- Financial Consumer Agency of Canada (FCAC)
- Commissioner
- Shereen Benzvy Miller
- Review released
- October 23, 2026
- Federal budget
- 2025
- Potentially affected customers
- People with lower incomes, less savings or greater reliance on daily banking
3 sources
What people are saying
Our banks are very well established and very solid, and they really are focused on their customers ... We would really like them to play an active role in reducing fees and ensuring that consumers are well served by the banking community,
We would benefit greatly from better consumer information, not just generally about fees and not just at the beginning of your relationship with that product or service or institution, but throughout the life of your usage and on a regular basis,