Latest news with #FinancialConsumerAgencyofCanada
Cision Canada
18 hours ago
- Business
- Cision Canada
Canadians to benefit from enhanced free and low-cost bank accounts later this year Français
OTTAWA, ON, June 5, 2025 /CNW/ - Thirteen federally regulated financial institutions, including Canada's 6 largest banks, have signed on to a modernized Commitment on Low-Cost and No-Cost Accounts. By December 1, 2025, Canadians will benefit from modernized no-cost and low-cost accounts costing no more than $4 per month. Going forward, under these accounts, Canadians will have access to 50% more debit transactions per month, including widely used transaction types such as electronic fund transfers (e.g. Interac e-Transfers®). More groups will also be eligible for an account costing $0 per month, including newcomers to Canada in their first year, plus at least one of the following groups, to be selected by each signatory: Indigenous peoples Canadians receiving social assistance payments from select provincial or territorial programs individuals with a valid Disability Tax Credit Certificate and/or their supporting family member Financial institutions that have signed on to the Commitment will prominently display information about the availability of low-cost and no-cost accounts in-branch and online, and will train staff about these account options. Canadians can currently get low-cost and no-cost accounts from nine signatories under the original 2014 Low-cost and No-cost Accounts Commitment. The Financial Consumer Agency of Canda (FCAC) will monitor the implementation of the modernized Commitment by signatories and will supervise their compliance with all its obligations. In Budget 2024, the government announced its intention to secure a new commitment from financial institutions for enhanced free and affordable bank accounts, recognizing that Canadians' banking needs have changed with the increase in online banking. Quotes "Every Canadian deserves access to affordable, modern banking. That's why we worked with the FCAC to strengthen the commitment by financial institutions on free and low-cost bank accounts – more transactions, fewer fees and better access. This is a clear step toward fairer, lower-cost banking for all." The Honourable François-Philippe Champagne, Minister of Finance and National Revenue "The Financial Consumer Agency of Canada puts the rights and interests of Canadians first. I am pleased that more Canadians will benefit from modern and affordable bank account options that include more transactions, offered by more financial institutions, to more groups. Having 13 signatories commit to offering modernized low-cost and no-cost accounts is good news for financial consumers. I encourage other financial institutions to join the Commitment and extend these benefits to even more Canadians." Shereen Benzvy Miller, Commissioner, Financial Consumer Agency of Canada Quick facts The Financial Consumer Agency of Canada's (FCAC) mandate is to supervise the compliance of federally regulated financial entities, including banks, with their legislative obligations, codes of conduct and public commitments and to strengthen the financial literacy of Canadians. The following federally regulated financial institutions have signed on to the modernized Commitment so far: Alterna Bank BMO CIBC Hana Bank Canada ICICI Bank Industrial Commercial Bank of China Innovation Federal Credit Union Laurentian Bank National Bank Royal Bank of Canada Scotiabank Tangerine Bank TD Bank FCAC supported the development of the modernized Commitment based on research and consultations with Canadians, stakeholders and industry. This work underlined the need to update the Commitment to reflect consumers' evolving banking needs and to support financially vulnerable Canadians, while recognizing the importance of innovation and competition in the financial marketplace. FCAC encourages Canadians to shop around for banking products and services that meet their needs. FCAC provides useful and unbiased resources to help consumers make informed financial decisions, including a Bank Account Comparison Tool and information about:
Yahoo
18 hours ago
- Business
- Yahoo
Canadians to benefit from enhanced free and low-cost bank accounts later this year
OTTAWA, ON, June 5, 2025 /CNW/ - Thirteen federally regulated financial institutions, including Canada's 6 largest banks, have signed on to a modernized Commitment on Low-Cost and No-Cost Accounts. By December 1, 2025, Canadians will benefit from modernized no-cost and low-cost accounts costing no more than $4 per month. Going forward, under these accounts, Canadians will have access to 50% more debit transactions per month, including widely used transaction types such as electronic fund transfers (e.g. Interac e-Transfers®). More groups will also be eligible for an account costing $0 per month, including newcomers to Canada in their first year, plus at least one of the following groups, to be selected by each signatory: Indigenous peoples Canadians receiving social assistance payments from select provincial or territorial programs individuals with a valid Disability Tax Credit Certificate and/or their supporting family member Financial institutions that have signed on to the Commitment will prominently display information about the availability of low-cost and no-cost accounts in-branch and online, and will train staff about these account options. Canadians can currently get low-cost and no-cost accounts from nine signatories under the original 2014 Low-cost and No-cost Accounts Commitment. The Financial Consumer Agency of Canda (FCAC) will monitor the implementation of the modernized Commitment by signatories and will supervise their compliance with all its obligations. In Budget 2024, the government announced its intention to secure a new commitment from financial institutions for enhanced free and affordable bank accounts, recognizing that Canadians' banking needs have changed with the increase in online banking. Quotes "Every Canadian deserves access to affordable, modern banking. That's why we worked with the FCAC to strengthen the commitment by financial institutions on free and low-cost bank accounts – more transactions, fewer fees and better access. This is a clear step toward fairer, lower-cost banking for all." The Honourable François-Philippe Champagne, Minister of Finance and National Revenue "The Financial Consumer Agency of Canada puts the rights and interests of Canadians first. I am pleased that more Canadians will benefit from modern and affordable bank account options that include more transactions, offered by more financial institutions, to more groups. Having 13 signatories commit to offering modernized low-cost and no-cost accounts is good news for financial consumers. I encourage other financial institutions to join the Commitment and extend these benefits to even more Canadians." Shereen Benzvy Miller, Commissioner, Financial Consumer Agency of Canada Quick facts The Financial Consumer Agency of Canada's (FCAC) mandate is to supervise the compliance of federally regulated financial entities, including banks, with their legislative obligations, codes of conduct and public commitments and to strengthen the financial literacy of Canadians. The following federally regulated financial institutions have signed on to the modernized Commitment so far: Alterna Bank BMO CIBC Hana Bank Canada ICICI Bank Industrial Commercial Bank of China Innovation Federal Credit Union Laurentian Bank National Bank Royal Bank of Canada Scotiabank Tangerine Bank TD Bank FCAC supported the development of the modernized Commitment based on research and consultations with Canadians, stakeholders and industry. This work underlined the need to update the Commitment to reflect consumers' evolving banking needs and to support financially vulnerable Canadians, while recognizing the importance of innovation and competition in the financial marketplace. FCAC encourages Canadians to shop around for banking products and services that meet their needs. FCAC provides useful and unbiased resources to help consumers make informed financial decisions, including a Bank Account Comparison Tool and information about: low-cost and no-cost accounts choosing financial products and services transferring products or services to another financial institution choosing a financial institution Associated links The modernized Commitment on Low-Cost and No-Cost Accounts 2014 Commitment on low-cost and no-cost accounts Search for related information by keyword: Finance | Personal finance | Financial Consumer Agency of Canada | Canada | Money and finances | general public | news releases SOURCE Financial Consumer Agency of Canada View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Toronto Star
04-05-2025
- Business
- Toronto Star
Amid U.S. tariff storms, you really need a rainy-day fund. Here's where to park your money
It turns out, Canadians aren't just nice — we're also pretty good savers. The Financial Consumer Agency of Canada found that as of 2024, 53 per cent of Canadian adults had an emergency fund that could cover three months of expenses. Personal Finance Bringing a dog home just got more expensive. Here's how to keep your best friend happy and healthy on a budget Aspiring dog parents can expect to pay between $1,750 and $4,655 in upfront costs to bring one home. Now, a first-quarter survey by EQ Bank finds that 53 per cent of respondents have increased the size of their emergency savings in the past three months or are planning to do so. Deciding where to park your cash, however, is just as important as how much you put aside. ARTICLE CONTINUES BELOW The general rule of thumb is to have three to six months' worth of living expenses at the ready should your economic life go awry. Personal Finance Death binder 101: Your guide to assembling documents that make life easier for your survivors Everything from account numbers and subscriptions to social media instructions and passwords are But the actual amount you need can vary depending on several factors, including your job stability, says Jason Heath, managing director at Objective Financial Partners in Toronto. 'If somebody is a business owner that is in a sector that's reliant on the economy being good,' says Heath, 'I would be more inclined these days to have a larger emergency fund.' Liquidity is key when deciding where to keep your cash, says NerdWallet Canada spokesperson Shannon Terrell. 'Your emergency fund is like a financial fire extinguisher,' she says. 'You hope you never have to use it, but should the need arise, you want it within reach — not stuffed inside a cabinet.' Natasha Macmillan, director of everyday banking at rate comparison site agrees. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW 'Since emergencies are unpredictable, you'll want an account that is easily accessible. You should be able to withdraw your funds instantly and with no penalties.' Macmillan suggests looking at a high-interest savings account (HISA) or a cashable guaranteed investment certificate (GIC) that allows withdrawals before maturity. Both options offer a balance of security, flexibility and returns, she adds. She also recommends comparing interest rates at various institutions and reading the fine print on whether an account has minimum balance requirements or fees. Some HISAs, for instance, charge a fee after you exceed an allotted number of free withdrawals or transfers. Look for an account that offers Canada Deposit Insurance Corporation (CDIC) insurance, which protects up to $100,000 held in accounts at eligible institutions, Heath advises. And it's generally best to avoid tying up emergency funds in investment accounts, like mutual funds, stocks and ETFs, says Macmillan. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW 'You want your emergency funds accessible and safe, not invested in the market where your funds will fluctuate.' Terrell agrees, adding that it can take days, sometimes weeks, for trades to settle in your account — a difficult timeframe when dealing with financial emergencies. Be careful about keeping your emergency fund in a TFSA or using your RRSP for emergency savings. While TFSA withdrawals are not taxed, Terrell cautions that re-contributing that amount in the same calendar year can trigger a one per cent monthly penalty if you accidentally over-contribute. 'RRSP withdrawals, on the other hand, are subject to withholding tax and are counted as taxable income, which could lead to a bigger bill come tax season.' With tax season wrapped up for most Canadians, Macmillan suggests using a refund to launch your emergency nest egg or to top up an existing one. 'With economic uncertainty ahead, it's a smart time for Canadians to strengthen their financial foundations.'
Hamilton Spectator
04-05-2025
- Business
- Hamilton Spectator
Amid U.S. tariff storms, you really need a rainy-day fund. Here's where to park your money
It turns out, Canadians aren't just nice — we're also pretty good savers. The Financial Consumer Agency of Canada found that as of 2024, 53 per cent of Canadian adults had an emergency fund that could cover three months of expenses. Aspiring dog parents can expect to pay between $1,750 and $4,655 in upfront costs to bring one home. Now, a first-quarter survey by EQ Bank finds that 53 per cent of respondents have increased the size of their emergency savings in the past three months or are planning to do so. Deciding where to park your cash, however, is just as important as how much you put aside. The general rule of thumb is to have three to six months' worth of living expenses at the ready should your economic life go awry. Everything from account numbers and subscriptions to social media instructions and passwords are But the actual amount you need can vary depending on several factors, including your job stability, says Jason Heath, managing director at Objective Financial Partners in Toronto. 'If somebody is a business owner that is in a sector that's reliant on the economy being good,' says Heath, 'I would be more inclined these days to have a larger emergency fund.' Liquidity is key when deciding where to keep your cash, says NerdWallet Canada spokesperson Shannon Terrell. 'Your emergency fund is like a financial fire extinguisher,' she says. 'You hope you never have to use it, but should the need arise, you want it within reach — not stuffed inside a cabinet.' Natasha Macmillan, director of everyday banking at rate comparison site , agrees. 'Since emergencies are unpredictable, you'll want an account that is easily accessible. You should be able to withdraw your funds instantly and with no penalties.' Macmillan suggests looking at a high-interest savings account (HISA) or a cashable guaranteed investment certificate (GIC) that allows withdrawals before maturity. Both options offer a balance of security, flexibility and returns, she adds. She also recommends comparing interest rates at various institutions and reading the fine print on whether an account has minimum balance requirements or fees. Some HISAs, for instance, charge a fee after you exceed an allotted number of free withdrawals or transfers. Look for an account that offers Canada Deposit Insurance Corporation (CDIC) insurance, which protects up to $100,000 held in accounts at eligible institutions, Heath advises. And it's generally best to avoid tying up emergency funds in investment accounts, like mutual funds, stocks and ETFs, says Macmillan. 'You want your emergency funds accessible and safe, not invested in the market where your funds will fluctuate.' Terrell agrees, adding that it can take days, sometimes weeks, for trades to settle in your account — a difficult timeframe when dealing with financial emergencies. Be careful about keeping your emergency fund in a TFSA or using your RRSP for emergency savings. While TFSA withdrawals are not taxed, Terrell cautions that re-contributing that amount in the same calendar year can trigger a one per cent monthly penalty if you accidentally over-contribute. 'RRSP withdrawals, on the other hand, are subject to withholding tax and are counted as taxable income, which could lead to a bigger bill come tax season.' With tax season wrapped up for most Canadians, Macmillan suggests using a refund to launch your emergency nest egg or to top up an existing one. 'With economic uncertainty ahead, it's a smart time for Canadians to strengthen their financial foundations.'
Yahoo
23-04-2025
- Yahoo
BBB: Identity theft is more common than you think
(WHNT) – Scams are designed to either steal your money or your identity in order to steal your money later. Scammers have all kinds of techniques to collect personally identifiable information. Once they have it, they can become you, using your identity to open accounts, file taxes, or obtain medical coverage. With enough personal information, a scammer can pretend to be you and commit many crimes. They can make false applications for loans and credit cards, withdraw money from your bank account, or obtain services in your name. They can also sell your information to others on the Internet. Identity theft may take a long time to detect. Scammers ensure that bills and statements for new accounts are not sent to your address. You may notice what is happening once the scammer has already inflicted substantial damage on your assets, credit, and reputation. Consumers should also be aware of synthetic identity theft, where a scammer combines real and fake information to create a brand-new, fictitious identity. Fraudsters often use stolen Social Security or Social Insurance numbers, paired with fake names, dates of birth, and addresses, to commit this type of crime. In the U.S., visit the Federal Trade Commission's website for information on how to stop and recover from identity theft. Look for unexplained withdrawals, charges, and accounts. Review your bank account and credit card statements regularly. Look for unfamiliar charges, accounts, or withdrawals. Know when your bills are due; one tip-off for identity theft is when you stop receiving certain bills. This can happen because scammers have changed the address associated with your bank account or credit card. If bills don't arrive on time, follow up with your creditors. Debt collectors may call you about debts that aren't yours. You can also set up automatic alerts on your accounts so you are notified every time a transaction is made. Check your credit reports regularly for unauthorized inquiries and accounts. In the U.S., you can check your credit report with each of the three major credit bureaus once per year at This is the only free crediting reporting service authorized by the Federal Trade Commission. Space these checks out throughout the year, and you will quickly know if something is wrong. In Canada, the Financial Consumer Agency of Canada provides information on requesting a free credit report. Be careful with your personal information:Treat your personal information like the valuable commodity it is. Ensure you shred documents containing your bank account information, Social Security/Social Insurance number, or other personal information. These include credit card applications, insurance forms, financial statements, health forms, and billing statements from utilities and phone services. Cut up expired credit and debit cards, and cut through the numbers before you dispose of them. Secure personal documents at home:If you have roommates, employ outside help, or have contractors in your home, ensure personal documents are in a safe place – preferably under lock and key – and not lying out in plain sight. Minimize personal information on checks. You don't need to include your Social Security or Social Insurance number, driver's license, or phone number. Be alert to phishing attempts:Scammers are sophisticated; their phishing attempts may come via email, text, social media messages, or even phone calls. Be suspicious of any unsolicited communication asking you for personal information. Whether it's a supposed tech support call, an offer for a free cruise, or a charity plea, they may be after your personal information. See BBB's tips on phishing and tech support scams. For more information visit . Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
