Bank fees in Canada: what you pay and what changed in 2026
Quick summary
Banks charge fees for keeping an account, for some transactions, and for running out of money. Since March 12, 2026, a federally regulated bank can charge at most $10 when a payment bounces (an NSF fee). Before that, these fees were often $45 to $48. To pick an account that fits how you bank, read chequing vs savings accounts in Canada.
Checked November 4, 2026. Main source: FCAC: New NSF fee regulations bring down cost of banking for Canadians, March 12, 2026 (checked November 3, 2026). See all 3 sources.
Key facts
- NSF fee cap
- $10, since March 12, 2026, for federally regulated banks
- Source: FCAC news release, Mar. 12, 2026
- One NSF fee
- Only one in a 2 business day period on the same account
- Source: FCAC news release, Mar. 12, 2026
- Low cost accounts
- At most $4 a month at 14 signing institutions since Dec. 1, 2025
- Source: FCAC news release, Mar. 12, 2026
- Not covered by the cap
- Fees charged by the business you paid, typically $20 to $40
- Source: FCAC, modified Oct. 23, 2026
The main bank fees, in plain words
| Fee | What it means |
|---|---|
| Monthly account fee | A set price for keeping the account open. Some banks waive it if you keep a minimum balance. |
| Transaction fee | A charge for each payment, transfer or withdrawal above what your plan includes. |
| ATM fee | A charge for using a machine. More than one company can charge you for one withdrawal. |
| NSF fee | NSF means not sufficient funds. You pay it when a payment bounces because there is not enough money in the account and you have no overdraft protection. |
| Overdraft protection fee | A charge for letting the account go below zero, so the payment goes through. This is a different fee from the NSF fee, and the $10 cap does not cover it. |
| Dishonoured payment fee | A separate charge from the company you tried to pay, such as a landlord or lender, when your payment bounces. The FCAC says these are typically $20 to $40. |
| Foreign currency fee | A markup when you pay or take out money in another currency. |
| Transfer-out fee | A charge for moving a registered account, such as an RRSP, to another bank. |
| Prepaid card fees | Small charges that can add up and shrink your balance over time. |
Source: the Financial Consumer Agency of Canada (FCAC) review of banking fees, last updated October 23, 2026. The list covers chequing and savings accounts. It does not cover credit card fees.
The new $10 limit on NSF fees
On March 12, 2026, new federal rules started. They limit what federally regulated banks can charge on a personal deposit account when there is not enough money to cover a payment.
- The most a bank can charge is $10 for one NSF fee.
- A bank can charge only one NSF fee per account in a 2 business day period.
- A bank cannot charge an NSF fee if the account is overdrawn by less than $10.
- Before the rules, NSF fees were usually $45 to $48.
- For personal deposit accounts, your bank must send an electronic alert when your balance falls below $100, unless you set a different amount.
Source: FCAC news release, March 12, 2026, and FCAC NSF fees page, modified October 23, 2026. The rules apply to federally regulated banks and personal deposit accounts. The pages we read do not say they cover credit unions or business accounts. The $10 cap is only for the bank's NSF fee. The business you were paying can charge its own fee on top: the FCAC lists federal departments at $25 and payday lenders at $20, and in Quebec the fee is limited to the payee's actual bank charges.
Low cost accounts cost at most $4 a month
Since December 1, 2025, the no cost and low cost accounts from 14 signing banks and other institutions, including Canada's six largest banks, have cost no more than $4 a month. Ask your bank for the low cost account by name, because it is not always the one shown first.
Source: FCAC news release, March 12, 2026.
How to pay fewer fees
- Match the account to how you use it. Fees go up when you use a savings account for everyday spending.
- Check your plan. People who stay in an old plan can pay more than they need to.
- Ask if the monthly fee can be waived with a minimum balance, and check what that balance is.
- Use your own bank's machines when you can, to avoid ATM fees.
- Read the fee schedule in your account agreement once a year.
- If your plan no longer fits, compare accounts and think about switching.
Questions people ask
What is the most a bank can charge for an NSF fee in Canada?
$10 for federally regulated banks on personal deposit accounts, since March 12, 2026. Before that, these fees were often $45 to $48.
What does NSF mean?
NSF means not sufficient funds. It is the fee a bank charges when a payment bounces because your account does not have enough money.
Can a bank charge me two NSF fees in one day?
Not under the new rules. A federally regulated bank can charge only one NSF fee per account in a 2 business day period.
What is a low cost bank account in Canada?
Since December 1, 2025, the no cost and low cost accounts at 14 signing institutions, including the six largest banks, cost at most $4 a month. Ask your bank for it by name.
Do credit unions follow the same NSF rules?
The rules we checked apply to federally regulated banks. We did not find a statement about credit unions, so ask yours for its fee schedule.
Is the $10 limit also on overdraft protection fees?
No. The cap is on NSF fees. Overdraft protection is a separate product with its own fees and interest. See our NSF and overdraft guide for those costs.
Can the business I paid also charge me a fee?
Yes. The FCAC says businesses often charge their own dishonoured payment fee, typically $20 to $40. The $10 cap covers only your bank's NSF fee.
Try it with your numbers
Does your province have its own rules?
Credit union deposits are insured by provincial bodies, and the limit depends on where you live. Pick yours to see where to look. We remember your choice on this device only.