Freeland announces steps to make banking more affordable, create complaints mechanism

OTTAWA — Finance Minister Chrystia Freeland has announced several steps the federal government is taking to make banking more affordable, which in part follow up to pledges made in the spring budget.

OTTAWA — Finance Minister Chrystia Freeland has announced several steps the federal government is taking to make banking more affordable, which in part follow up to pledges made in the spring budget. 

Freeland says she has instructed the Financial Consumer Agency of Canada to work on making more no-fee and low-cost bank accounts available to Canadians. 

Finance Canada is also being tasked with taking a look at reducing bank fees, such as charges when a check bounces back. 

And the finance minister is designating the Ombudsman for Banking Services and Investments as an independent, not-for-profit and external complaints body for the banking sector, following up on a budget promise.

As many Canadians face rising mortgage costs due to high interest rates, Freeland reiterated that Canadians are entitled to flexibility and options from their banks, as outlined by new mortgage guidelines announced in the spring budget. 

The federal government has been regularly putting up its cabinet ministers for weekly announcements on part of a push to get ahead on affordability issues.

This report by The Canadian Press was first published Oct. 17, 2023. 

The Canadian Press