What bank fees can you be charged in Canada?
The common ones are monthly plan fees, transaction overages, NSF, overdraft and ATM fees. Since March 12, 2026, NSF fees on personal deposit accounts at federally regulated banks are capped at $10, with none when the shortfall is under $10. Banks that send you statements must give at least 30 days’ written notice of a new or higher fee.
Monthly fees across every listed account
All 203 chequing accounts in our data (FCAC, plus National Bank), retrieved November 1, 2026
A $10.47 monthly fee is about $126 a year. See every no-fee account →
Common fees
| Fee | What triggers it | How to reduce it |
|---|---|---|
| Monthly plan fee | Each month the waiver condition isn’t met | Meet the minimum balance, switch plans, or use a no-fee account — test it in the calculator |
| Transaction overage | Exceeding included transactions | Pick a plan matched to your usage |
| NSF (non-sufficient funds) | A payment bounces | Low-balance alerts; capped at $10 since March 12, 2026 |
| Overdraft interest and fees | Using overdraft protection | Know your limit and the rate |
| ATM fees | Using another network’s ATM | Use your institution’s network |
| Paper statements, drafts, stop payments | Requesting the service | Go digital; ask what is bundled |
Rules that protect you
- NSF fee cap (March 12, 2026): at most $10 on personal deposit accounts at federally regulated banks; none if the shortfall is under $10; no more than one per account within two business days.
- Low-balance alerts: banks must alert you when your balance falls below $100 or an amount you choose.
- Refunds: banks must refund fees that weren’t disclosed or that you didn’t consent to.
- Low-cost accounts: signatory banks offer one for no more than $4 a month — see low-cost and no-cost accounts.
How do I work out what my account really costs in a year?
Add up every fee you actually trigger, not just the monthly price. FCAC’s 2026 review found that fee disclosure gives a point-in-time picture that doesn’t show the total cost over time, so you have to build that number yourself.
- Pull three months of statements
Count debit purchases, bill payments, pre-authorized debits, e-Transfers, cheques and cash withdrawals. - Note the fee rules
Monthly fee, what waives it, how many transactions are included and what each extra one costs. Your bank must give you a list of its service charges if you ask. - Find the extras
ATM fees, NSF fees, overdraft fees and interest, and cross-border charges. - Multiply to a year
Average the three months and multiply by 12. - Compare
Run the same usage through the account-fee calculator and the true-cost finder.
Suppose an account has a $10 monthly fee waived above a minimum balance, and charges $1 per extra transaction and $2 for each out-of-network ATM withdrawal. Riley dips below the minimum in 3 months ($30), goes 4 transactions over every month (4 × $1 × 12 = $48) and uses another bank’s ATM twice a month (2 × $2 × 12 = $48). Total: $126 a year on an account that looks “free” most months. These are not any real bank’s fees — look up actual fees in compare.
Why was I charged the full monthly fee when my balance was usually high enough?
FCAC says some institutions charge the full monthly fee if your balance drops below the minimum, even for one day. Ask whether your waiver is based on your lowest daily balance or an average, and set a low-balance alert just above the minimum.
Overdraft protection or NSF: which costs less?
An NSF fee happens when a shortfall causes a payment to be declined. Overdraft protection lets the payment go through instead. FCAC describes two overdraft pricing models: a fixed monthly plan fee (some banks charge it only in months you use it) or a fee each time you use it (some banks charge this at most once a day). With both, you also pay interest on the overdrawn amount. Federal law treats overdraft protection fees as a form of interest.
| Your pattern | Worth considering |
|---|---|
| Rarely short of money | Low-balance alerts. The $10 NSF cap and the no-fee rule for shortfalls under $10 limit the damage. |
| Occasionally short, and declined payments hurt (rent, insurance) | Ask about overdraft protection. FCAC says it may cost less than NSF fees for people who occasionally incur them. |
| Short most months | Look at the timing of bills and pay. A plan fee plus interest every month adds up; rework due dates first. |
Why was I charged two fees at one ATM?
At an ATM your bank doesn’t own, you can pay two fees: a network access fee from your own bank and a convenience fee from the ATM operator. FCAC says the operator’s fee is shown on screen, as Interac rules require, but your own bank’s fee is not. You don’t get one combined total before you confirm.
What fees apply when I spend in another currency?
With a debit card abroad, FCAC says your bank’s cross-border fee is calculated on the Canadian-dollar amount after conversion, and it also applies to refunds. The exchange rate itself includes a markup. More in US-dollar accounts.
How much notice must a bank give before raising a fee?
- If you get account statements: written notice at least 30 days before a new or higher fee takes effect.
- If you don’t get statements: a prominent notice at the bank’s ATMs at least 60 days before.
- The notice must also be displayed in branches and on the bank’s website, and given in writing if you ask.
If a fee wasn’t disclosed, was disclosed wrongly, or you never gave express consent, the bank must refund or credit it plus applicable interest. Ask first; if that fails, follow how to make a bank complaint.
Common fee mistakes
- Paying for a package with far more transactions than you use.
- Doing transactions with a teller or a phone agent that count as teller-assisted. FCAC suggests doing your banking yourself where possible.
- Ignoring the low-balance alert, which is set to $100 by default.
- Using a prepaid card with monthly fees and letting it sit. FCAC notes higher fees make it more likely the balance runs down.
- Never reviewing your plan. FCAC suggests reviewing your banking needs regularly.
Paying the fee vs holding the minimum
Holding a minimum balance isn’t free: the extra money could earn interest elsewhere. The calculator compares both, after tax.
Worked example · computed by the fee calculator
Illustrative inputs: $15/month fee, waived at $4,000; usual balance $1,500; 1 month below the minimum; 3.0% alternative rate; 30% tax.
| Option | Cost per year |
|---|---|
| Pay the monthly fee | $180.00 |
| Keep the minimum balance | $67.50 |
| Switch to a no-monthly-fee account | $24.00 |
Break-even rate: 9.43%. Run your own numbers →
Turn on low-balance alerts. They’re required, free, and the cheapest way to avoid an NSF fee.
What this means for you
Most people can lower their fees without changing banks. Start with what you actually pay, then close the common leaks.
- Total a real year
Average three months of statements, count every fee you triggered and multiply by 12. The monthly price alone won’t show it. - Protect the waiver
Ask whether your fee waiver uses your lowest daily balance or an average, and set a low-balance alert just above the minimum. Some institutions charge the full fee for one day below. - Stay in network
Another operator’s ATM can cost two fees, and only the operator’s fee appears on screen. - Do it yourself
Transactions with a teller or a phone agent can count as teller-assisted and cost more. - Match overdraft to your pattern
If you are rarely short, alerts plus the $10 NSF cap limit the damage. If a declined payment would really hurt, ask whether overdraft protection costs less — remembering it adds a fee and interest.
Watch your mail too. Banks that send you statements must give at least 30 days’ written notice of a new or higher fee, which is your cue to re-check. If you were charged a fee that wasn’t disclosed or that you never consented to, ask for a refund plus interest, and use the complaint process if the bank says no. Then compare your usage against other plans in the account-fee calculator.
Frequently asked questions
What is the maximum NSF fee in Canada?
$10 per item on personal deposit accounts at federally regulated banks, since March 12, 2026, with no fee when the shortfall is under $10.
Can I get a bank fee refunded?
If it wasn’t disclosed or you didn’t consent, banks must refund it under the consumer framework. Otherwise, ask — and use the complaint process if needed.
How much notice does a bank have to give before raising a fee?
At least 30 days in writing if you get statements, or a notice at its ATMs at least 60 days ahead if you don’t.
Why did I pay two fees at one ATM?
At an ATM your bank doesn’t own, your bank can charge a network access fee and the ATM operator can charge a convenience fee. Only the operator’s fee is shown on screen.
Is overdraft protection cheaper than paying NSF fees?
It can be for people who are only occasionally short, according to FCAC. Overdraft plans charge a monthly or per-use fee plus interest on the overdrawn amount, so compare both for your pattern.
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