The six largest banks in Canada have enrolled in a federal program to provide basic accounts at a cost of $4 per month to customers beginning Dec. 1.
The goal of the program is to improve the affordability and accessibility of routine banking services, especially as more Canadians bank online, the Financial Consumer Agency of Canada said.
“Every Canadian deserves access to affordable, modern banking,” Finance Minister François-Philippe Champagne said in a recent press release. “More transactions, fewer fees and better access. This is a clear step toward fairer, lower-cost banking for all.”
All Canadians will have access to the $4 per month bank account program, but banks will forgo that fee for some groups….