Calgarians celebrate $10 federal limit on non-sufficient funds fees, coming next year

Karina Zapata · CBC News

· Posted: Mar 20, 2025 7:00 AM EDT | Last Updated: 10 minutes ago

Calgarians are celebrating a caller national regularisation that volition little the interest charged erstwhile radical don't person capable wealth successful their slope accounts oregon overdraft protection.

Starting March 12, 2026, determination volition beryllium a $10 headdress connected non-sufficient funds (NSF) fees. Currently, astir banks complaint $45 oregon higher per transaction if a person's relationship falls short.

Banks volition besides beryllium prohibited from charging NSF fees much than erstwhile wrong a play of 2 concern days and successful cases wherever the overdraft is little than $10.

For much than a decade, Calgary enactment Momentum — which works with low-income Calgarians — has been advocating for this change.

"We perceive that NSF fees are crushing and that it feels similar you're getting kicked erstwhile you're down, and $45, $50 is important erstwhile you're surviving connected a debased income and surviving paycheck to paycheck," said Courtney Mo, Momentum's manager of assemblage impact.

"We've shared these messages with the authorities for much than 10 years… It feels similar we've been heard."

The national authorities has agelong promised to headdress slope NSF fees, but Momentum was uncertain whether the authorities would beryllium changed aft erstwhile premier curate Justin Trudeau announced his resignation and prorogued parliament successful January.

Ultimately, the alteration was 1 of Trudeau's past acts successful office. 

NSF fees deed an estimated 34 per cent of Canadians successful 2023, according to the national concern department.

Calgarian Amanda Edwards was among those affected by NSF fees. She said she remembers crying connected the level of the van that she lived in, looking astatine 3 back-to-back fees from bills she didn't cognize were coming.

"For idiosyncratic to deliberation that I could wage an other $50 for thing portion I'm going to the nutrient slope and having to get a thrust determination due to the fact that I couldn't spend substance — I thought was beauteous silly," she said.

"I deliberation this is going to beryllium a batch easier connected the radical that bash struggle, radical successful my community, radical that are truly struggling to marque ends meet," said Edwards, an autism advocator who present lives disconnected AISH aft leaving a vocation successful the oilpatch owed to chronic illness.

She says a $10 interest is overmuch much tenable to retrieve from for radical similar her and her father, who lives connected a pension.

"I tin surely assistance him retired with $10. I can't assistance him retired with $50."

While Mo is blessed astir the change, she said Momentum volition proceed lobbying the national authorities to get escaped of the NSF interest altogether.

"It feels similar a relic from a agelong clip agone erstwhile radical wrote a cheque and we request to reconcile whether oregon not idiosyncratic had wealth successful their account. With today's technology, we cognize that instantly," she said.

The caller regulations won't use to firm oregon concern accounts.