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Email this6:56 pm
September 30, 2017
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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
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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.
7:07 pm
March 15, 2019
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"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."
How safe is your money at these 3rd tier institutions?
7:42 pm
September 28, 2023
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I trust EQ (Equitable Bank), Motive (Canadian Western Bank, soon to be National Bank) and PC Money (President's Choice Bank) as they are all CDIC member banks, and deposits should be as safe as at a Big 5 bank if any of them fail.
I do not trust Wealthsimple's 10x CDIC scheme.
7:47 pm
April 6, 2013
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There's no pressure on the Big Banks. That's just fake drama; the accounts have actually been offered for a while now!
TD Minimum Chequing Account and RBC Day To Day Banking chequing account are two of the low-cost accounts.
The FCAC page has details about the agreement reached and lists the accounts. Agreement only requires low-cost like accounts to be made available at no monthly cost ($0 monthly fee) for the prescribed four groups of clients: youth, students, seniors getting the GIS, and RDSP beneficiaries.
9:15 pm
November 18, 2017
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everhopeful: What went wrong with low-cost mobile phone plans? I have one with Telus for $15 monthly, no data. Unlimited text and Canada-wide calling.
RetirEd
9:40 pm
September 28, 2023
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There is nothing wrong with the plans, but the mandated plans did not change the overall mobile market in any big way. As technology changed and calls simply became VoIP over data, countrywide calling for low fees became commonplace, and all the competition focused on data speeds and amounts.
I see the same with these banking plans, they will help a few out, but will overall not change the banking landscape Many banks & credit unions have offered free/lowcost youth & seniors accounts for many years, it is nice to see it being expanded to those with disabilities.
10:20 pm
April 6, 2013
Online
The agreement may be new. But, the offered low-cost accounts are not.
TD actual met the new agreement's requirements with their TD Minimum Chequing Account back in 2018.
Since then, TD removed youth and students from the exempted clients of the account. TD now offers the TD Student Chequing Account to youth and students instead. The TD Student Chequing account includes unlimited transactions per month for $0/month instead of the 12/month included with the TD Minimum Chequing account.
Landscape is not going to be changed by the government. Way back in 1988, there were Commons finance committee public hearings into bank service charges. Result was better notice of service charge changes and a limited basic, no-frills bank account.
12:24 pm
December 12, 2009
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hwyc said
https://www.canada.ca/en/department-finance/news/2024/12/reducing-everyday-costs.htmlBetter 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.
They're just remarketing an old promise. We already have mandated low cost bank accounts with a ceiling of $4 per month.
Nothingburger.
12:25 pm
December 12, 2009
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Norman1 said
The agreement may be new. But, the offered low-cost accounts are not.TD actual met the new agreement's requirements with their TD Minimum Chequing Account back in 2018.
Since then, TD removed youth and students from the exempted clients of the account. TD now offers the TD Student Chequing Account to youth and students instead. The TD Student Chequing account includes unlimited transactions per month for $0/month instead of the 12/month included with the TD Minimum Chequing account.
Landscape is not going to be changed by the government. Way back in 1988, there were Commons finance committee public hearings into bank service charges. Result was better notice of service charge changes and a limited basic, no-frills bank account.
Looks like we agree for a change, Norman1. 😀
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