Last month, FCAC announced that thirteen federally regulated financial institutions, including Innovation Federal Credit Union, have signed on to a modernized Commitment on Low-Cost and No-Cost Accounts.  

The accounts cost no more than $4 per month and will have access to 50% more debit transactions per month, including 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; and
• 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. 

Provincial and federal credit unions interest in participating in signing onto the agreement or participating in FCAC’s Account Comparison Tool, contact FCAC at fcac.ct-ot.acfc@fcac-acfc.gc.ca. An FCAC analyst will work with the credit union to create an account for the tool and provide any necessary information.