Canada's 13 banks jointly launch basic bank account service with a monthly fee capped at CAD 4.

Canada's 13 Major Banks to Uniformly Cut Fees: Monthly Fee $4 Cap!

According to an announcement by the Financial Consumer Agency of Canada (FCAC), starting December 1, Canada's 13 major banks will offer modern basic banking account services with a monthly fee cap of no more than CAD 4. This government-led inclusive financial plan will ensure that all Canadians have access to affordable modern banking services.

Under the agreement, the core benefits of low-cost accounts include:

· Monthly fee cap at CAD 4 (current market price: CAD 3.95-14.95)

· Includes basic services such as electronic money transfer (EMT)

· Monthly transaction volume increased by 50%

· Monthly fee waived for specific groups

Eligibility for Waived Monthly Fee:

Those who meet any of the following conditions can apply for a free account:

· New immigrants to Canada

· Indigenous peoples

· Recipients of specific provincial/territorial social assistance

· Individuals holding a valid Disability Tax Credit certificate and their dependents

Participating Financial Institutions:

A total of 13 financial institutions, including the Big Five: TD, RBC, BMO, CIBC, Scotiabank, National Bank, Alterna Bank, Hana Bank Canada, ICICI Bank, Industrial and Commercial Bank of China (ICBC), Innovation Federal Credit Union, Laurentian Bank, Tangerine Bank.

All major banks will ensure that information about low-cost and free accounts is prominently displayed on their websites and branches, and employees will receive relevant training.

Currently, some Canadian banks already provide basic banking services with a monthly fee of CAD 4 to teenagers, students, elderly recipients of the Guaranteed Income Supplement (GIS), and beneficiaries of Registered Disability Savings Plans (RDSP).

Original article: https://www.toutiao.com/article/1834215255344140/

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