FCAC finds Banking fees can be hard to see and compare
Nov. 06, 2026
Global Korean Post
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As part of its mandate, FCAC monitors and evaluates trends and emerging issues affecting financial consumers and conducts and leverages research to inform policy and legislative frameworks and strengthen financial consumer protections.
A Review of Banking Fees in Canada by the Financial Consumer Agency of Canada (FCAC) examined how banking fees are structured, disclosed and experienced by consumers.
A Review of Banking Fees in Canada (the Review), released on October 23, 2026 by the Financial Consumer Agency of Canada (FCAC), found that the way some banking fees are structured can make costs harder to understand and compare, with implications for affordability and competition.
The Review highlights several ways banking fees can be difficult for consumers to see or anticipate:
- Multiple fees can apply to a single transaction, increasing its total cost.
- Foreign exchange and cross-border debit fees can be embedded in the cost of a transaction, making the amount consumers pay in fees less visible.
- Usage-based fees can make costs difficult to predict, particularly when consumers have difficulty tracking how many transactions they have made.
Individually, these fees may appear relatively small, but the Review found that they can add up over time. Without a clear picture of the fees they are paying based on their actual usage, consumers may find it harder to assess the total cost of banking.
The Review identified opportunities to improve fee transparency and provide more personalized information about fees paid over time. This would make it easier for consumers to compare products and services.
The Review was conducted in response to a request from the Government of Canada announced in Budget 2025.
Edited by Global Korean Post
