The Financial Consumer Agency of Canada (FCAC) has released its Review of Banking Fees in Canada, examining how banking fees are structured, disclosed and experienced by consumers. The review presents twenty-two key findings across areas including account maintenance, excess transactions, non-sufficient funds, overdraft protection, foreign currency transactions and transfer-out fees.

CCUA has prepared a summary of the report and its potential implications for Canada’s credit union sector, highlighting key findings related to fee transparency, comparability, consumer switching barriers, and competition and innovation.

The review provides useful context for understanding evolving consumer expectations and potential policy developments. Its findings may also offer a reference point for credit unions as they consider member value, fee transparency and financial education in the context of their own business strategies, member needs and regulatory obligations.

Read the CCUA summary and implications for credit unions for an overview of the key findings and their potential relevance to the sector. For the full report, visit the FCAC’s Review of Banking Fees in Canada.