Protecting Consumers: The New Federal Banking Regulations

Whether you need to cash your paycheque or pay a bill, having a basic personal bank account is essential. To ensure that all Canadians can obtain these accounts, the Government of Canada has introduced the Access to Basic Banking Services Regulations, which took effect on September 30, 2003.

The Financial Consumer Agency of Canada (FCAC) is responsible for enforcing these regulations, which will make the rules for obtaining a basic personal bank account clearer for Canadians. For example, a bank can not refuse to open a basic personal account for you just because:

• you don't have a job;
  
  

• you are or have been bankrupt; or
  
  

• you're not depositing money into the account.

A bank must also cash most Government of Canada cheques for non-customers at no charge.

Understanding and Using Your New Banking Rights

Opening a Bank Account

The new regulations apply to personal bank accounts that you request in person at a bank branch or point of service. They don't apply to accounts you open by telephone or Internet, or to business or commercial accounts.