In a report released Friday, the Financial Consumer Agency of Canada (FCAC) called for a rule that would require banks to send customers a statement at least once a year detailing all the fees they paid, arguing consumers need more transparency and fewer barriers to switching providers. (The Logic)

Talking point: Ottawa tasked the FCAC with examining bank fees in the 2025 federal budget, as part of a series of measures aimed at lowering costs for consumers and increasing competition in the financial services sector. The FCAC found financial institutions aren’t giving consumers the information they need to make informed decisions, citing ATM withdrawals and cross-border payments as examples of transactions that can involve multiple hidden fees that make it difficult to estimate the total cost. Non-sufficient funds fees, charged when an attempted transaction fails because there’s not enough money in the consumer’s account, topped $1 billion in 2025 before a $10 cap went into effect in March, the FCAC found.

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