Ottawa has put in place new rules limiting the fees banks can levy on customers who don’t have enough in their accounts to cover a cheque or other pre-authorized charges.
The updates, included in an order-in-council last week, cap non-sufficient funds fees at $10 for personal deposit accounts, prohibit charging more than one NSF fee in a period of two business days, and prohibit charging an NSF fee when an account shortfall is under $10.
