FCAC Review Finds Canadian Banking Fees Difficult for Consumers to See and Compare
A Financial Consumer Agency of Canada review released on October 23, 2026, found that banking fees are often structured in ways that make them hard for consumers to understand, anticipate, and compare. The report, requested by the Government of Canada in Budget 2025, highlighted issues including multiple fees per transaction, embedded foreign exchange costs, and barriers to switching providers.
On October 23, 2026, the Financial Consumer Agency of Canada (FCAC) released "A Review of Banking Fees in Canada," finding that some banking fees are structured in ways that make costs harder for consumers to understand and compare. 
The review was conducted in response to a request from the Government of Canada announced in Budget 2025. It identified several practices that affect affordability and competition among financial institutions.
According to the report, multiple fees can apply to a single transaction, increasing its total cost. Foreign exchange and cross-border debit fees can be embedded within transaction costs, making them less visible to consumers. Usage-based fees were also flagged as making costs difficult to predict, particularly when consumers struggle to track their transaction counts.
The FCAC noted that point-in-time disclosures do not always help consumers understand cumulative banking costs. Additionally, transfer-out fees can increase the cost of moving accounts and discourage consumers from switching providers. The review also observed that overdraft protection options may cost less than some combinations of non-sufficient funds (NSF) and dishonoured payment fees.
These findings point to a reduced ability for consumers to assess the total cost of banking, difficulty comparing products and services across institutions, and discouragement from switching products or providers due to hidden costs and barriers.
Shereen Benzvy Miller, Commissioner of the Financial Consumer Agency of Canada, stated that improved transparency is necessary for affordability and competition. The report identified opportunities to enhance fee disclosure and noted that consumer-driven banking could help consumers switch providers more easily.