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Email this6:56 pm
September 30, 2017
Offline
https://www.canada.ca/en/department-finance/news/2024/12/reducing-everyday-costs.html
Better low-cost and no-cost bank accounts. The federal government and the Financial Consumer Agency of Canada have negotiated modernized low-cost and no-cost account agreements, including at least thirteen banks, including Canada’s six largest banks. Banks that sign will begin offering modernized $0 and $4 accounts by December 1, 2025.
... Can't wait to see what will be in store from the big six. Currently an insanely high minimum balance is required to waive the fees on my TD account.
8:21 pm
September 28, 2023
Online
It sounds like a great idea, but I will wait to see the packages before getting excited. There will be some gotchas somewhere, the Big 5 aren't going to willingly sacrifice fee revenue. I think it will be like the skinny basic cable plans or the low cost cell plans, that it makes a great announcement, but won't change the market much in the end.
I believe pressure on the big banks is going to come from the growing number of all-in-one accounts at online banks (EQ, Motive Savvy, PC Money, Wealthsimple Cash, etc.) continually chewing market share away from the B&M banks and credit unions.
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