Are consumers getting good value?
• Consumers can shop around to find the best deal, just like you would for any other product or service. The Financial Consumer Agency of Canada (FCAC) offers an online tool to help make it easy. The FCAC’s Cost of Banking Guide compares over 110 different account packages at 22 financial institutions.4 • 34% of consumers report paying $0 fees, because they take advantage of no-fee service packages for seniors or youth, maintain a minimum monthly account balance, or choose a no-fee electronic banking package. • Consumers with basic banking needs can choose low-fee accounts offered by eight major banks for $4 or less per month. • Bank service fees in Canada compare favourably with service fees in other countries,5 and Canada has among the lowest interest rate spreads.
