{"id":4141,"date":"2026-03-12T13:08:38","date_gmt":"2026-03-12T13:08:38","guid":{"rendered":"https:\/\/www.worldpumpnews.com\/?p=4141"},"modified":"2026-03-12T13:08:38","modified_gmt":"2026-03-12T13:08:38","slug":"non-sufficient-funds-fees-are-now-being-limited-to-10-under-new-rules-national","status":"publish","type":"post","link":"https:\/\/www.worldpumpnews.com\/?p=4141","title":{"rendered":"Non-sufficient funds fees are now being limited to $10 under new rules &#8211; National"},"content":{"rendered":"<p><\/p>\n<div id=\"\">\n<p>New rules are now in effect limiting the amount that banks can charge customers who don\u2019t have enough money in their accounts to cover a cheque or other pre-authorized charge.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/d21y75miwcfqoq.cloudfront.net\/70c8fc80\" alt=\"\" style=\"position:absolute;width:1px;height:1px\" referrerpolicy=\"no-referrer-when-downgrade\"\/><\/p>\n<p>Canada\u2019s new cap on non-sufficient funds fees is set at $10 for personal deposit accounts.<\/p>\n<p>The changes, announced by Ottawa last year and which kicked in on Thursday, also prohibit banks from charging more than one NSF fee in a period of two business days for the same deposit account, and ban charging an NSF fee when an account shortfall is under $10.<\/p>\n<p>The federal government has said that until now, NSF fees could be as high as $50.<\/p>\n<p>Advocates have said the charge disproportionately affected low-income Canadians and people with poor credit history.<\/p>\n<p>The new cap is expected to save Canadians more than $600 million annually.<\/p>\n<div class=\"c-ad c-ad--bigbox l-article__ad\">\n<p>Story continues below advertisement<\/p>\n<\/p><\/div>\n<p>ACORN Canada, a national organization for low- and moderate-income families, celebrated the new rules, calling it a \u201cmajor win\u201d for its members \u201cwho have long been gouged by fees.\u201d<\/p>\n<div class=\"c-inlineSignup\" data-newsletter-inline=\"\">\n<div class=\"c-inlineSignup__image\">\n\t\t\t\t\t<img decoding=\"async\" width=\"170\" height=\"225\" loading=\"lazy\" src=\"https:\/\/globalnews.ca\/wp-content\/themes\/shaw-globalnews\/images\/skyline\/money123.jpg\" alt=\"Get expert insights, Q&amp;A on markets, housing, inflation, and personal finance information delivered to you every Saturday.\"\/>\n\t\t\t\t<\/div>\n<div class=\"c-inlineSignup__content\">\n<h2 class=\"c-inlineSignup__title\">Get weekly money news<\/h2>\n<p>Get expert insights, Q&amp;A on markets, housing, inflation, and personal finance information delivered to you every Saturday.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<p>\u201cThese changes will directly benefit millions of Canadians \u2014 especially renters, single parents, gig workers, and people living paycheque to paycheque \u2014 by preventing fees from spiralling into deeper financial hardship,\u201d the organization said in a news release.<\/p>\n<div class=\"l-article__part\" data-shortcode=\"caption\">\n<figure class=\"c-figure c-figure--alignnone c-figure--expandable\">\n<div class=\"c-figure__inner\"><figcaption class=\"c-figure__caption c-caption\">\n\t\t\t\t\t\t\t<span class=\"c-caption__desc\"><br \/>\n\t\t\t\t\tFILE\u2013 Money is removed from an ATM in Montreal, Monday, May 30, 2016.\t\t\t\t<\/span><br \/>\n\t\t\t\t\t\t\t\t\t\t<cite class=\"c-caption__cite\"><\/p>\n<p>\t\t\t\t\tTHE CANADIAN PRESS\/Ryan Remiorz\t\t\t\t<\/cite><br \/>\n\t\t\t\t\t<\/figcaption><\/div>\n<\/figure>\n<\/div>\n<div class=\"c-tabs\">\n<p>\n\t\t\t<button role=\"tab\" class=\"c-tabs__tab c-tabs__tab--active\" type=\"button\">More on Money<\/button><br \/>\n\t\t\t<button role=\"tab\" class=\"c-tabs__tab\" type=\"button\">More videos<\/button>\n\t\t<\/p>\n<\/p><\/div>\n<p>Bank customers have sometimes seen high NSF charges for being only pennies short. In a class-action lawsuit against TD Bank Group settled in 2024, the lead plaintiff had been charged $96 for being 45 cents short on a PayPal bill after the merchant tried to put the purchase through twice.<\/p>\n<p>Debit purchases aren\u2019t generally subject to the fee because such transactions are rejected if there isn\u2019t enough money in the account.<\/p>\n<div class=\"c-ad c-ad--bigbox l-article__ad\">\n<p>Story continues below advertisement<\/p>\n<\/p><\/div>\n<p>The Canadian Bankers Association has previously said the fees encourage responsible banking behaviour, and that customers can avoid such charges by regularly monitoring their account balances, setting up balance alerts, and considering overdraft protection services.<\/p>\n<p>Daniel Eberhard, founder and CEO of Koho Financial Inc., praised the changes but said they highlight the need for more competition in the financial services sector.<\/p>\n<p>\u201cThere is no reason that these fees need to be what they are,\u201d he said.<\/p>\n<p>\u201cHalf this country\u2019s living paycheque to paycheque. If you\u2019re somebody getting dinged often $100, $200 a month, that matters.\u201d<\/p>\n<\/p><\/div>\n<div>\n<p>\n\t\t&amp;copy 2026 The Canadian Press\t<\/p>\n<\/div>\n<p>#Nonsufficient #funds #fees #limited #rules #National<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New rules are now in effect limiting the amount that banks can charge customers who don\u2019t have enough money in their accounts to cover a cheque or other pre-authorized charge. Canada\u2019s new cap on non-sufficient funds fees is set at $10 for personal deposit accounts. The changes, announced by Ottawa last year and which kicked [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4142,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[1073,60,1214,906,1816,17,50,4155,4157,4156,391],"class_list":{"0":"post-4141","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-politics","8":"tag-banking","9":"tag-canada","10":"tag-fees","11":"tag-funds","12":"tag-limited","13":"tag-money","14":"tag-national","15":"tag-non-sufficient-fund","16":"tag-nonsufficient","17":"tag-nsf","18":"tag-rules"},"_links":{"self":[{"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/posts\/4141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4141"}],"version-history":[{"count":0,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/posts\/4141\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/media\/4142"}],"wp:attachment":[{"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}