{"id":2426,"date":"2025-11-04T22:40:18","date_gmt":"2025-11-04T22:40:18","guid":{"rendered":"https:\/\/www.worldpumpnews.com\/?p=2426"},"modified":"2025-11-04T22:40:18","modified_gmt":"2025-11-04T22:40:18","slug":"how-budget-2025-could-change-how-you-bank-from-fees-to-cryptocurrency-national","status":"publish","type":"post","link":"https:\/\/www.worldpumpnews.com\/?p=2426","title":{"rendered":"How Budget 2025 could change how you bank, from fees to cryptocurrency – National"},"content":{"rendered":"

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The federal budget unveiled Tuesday proposes several reviews and reforms targeting the ways Canadians bank \u2014 and how many fees they face \u2014\u00a0in an effort to modernize the banking system.<\/p>\n

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Among the proposals are a review of ATM and Interac fees, prohibiting account transfer fees, cutting the amount of time banks hold cheques for, and regulating the use of \u201cstablecoins\u201d \u2014 a type of cryptocurrency backed by an established currency.<\/p>\n

Here are some of the changes the Liberals are promising.<\/p>\n

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\n\t\t\t\tReviewing ATM, Interac fees\t\t\t<\/h2>\n<\/p><\/div>\n

The budget says the government will launch a review next year of the fees charged by banks and other federally regulated financial institutions, including Interac e-transfer fees and ATM fees.<\/p>\n

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\u201cWe will use every tool and agency at our disposal to address any unjustified fees and pain points for Canadians,\u201d the document says.<\/p>\n

The federal government will publish draft regulations by spring 2026 to prohibit investment and registered account transfer fees, which the budget says cost Canadians an average of $150 per account.<\/p>\n

\u201cThe government will also require the timely transfer of these accounts and clear presentation of information on the process and lack of fees,\u201d the budget says.<\/p>\n

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The Liberals also intend to \u201cexplore\u201d improved transparency of cross-border bank transfer fees, including foreign exchange costs for banks, to crack down on unexpected added costs for Canadians sending money abroad.<\/p>\n

The budget also says Ottawa will work with banks on ways to simplify the process of switching primary chequing accounts to other Canadian financial institutions.<\/p>\n

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The Liberals say they will introduce legislation to regulate the issuance of fiat-backed stablecoins in Canada.<\/p>\n

Fiat-backed stablecoins are a type of cryptocurrency whose value is linked to a specific amount of a traditional currency, such as the Canadian or U.S. dollar.<\/p>\n

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The legislation will also include amendments to the Retail Payment Activities Act that will allow payment service providers to use prescribed stablecoins for transactions.<\/p>\n