TORONTO -
In the budget, the government committed to introducing some of the necessary legislation this spring and the remaining elements in the fall, and designated the Financial Consumer Agency of Canada to oversee it, but did not specify a target implementation date. The federal government committed $1 million in this fiscal year to help the FCAC get started, and earmarked $4.1 million over three years for the Finance Department to complete the necessary policy and oversight work.
“Every organization that's going to participate in this framework needs to know how many months they're dealing with.”The government committed to capping non-sufficient funds fees at $10, down from the $45 to $50 range the big banks generally charge. It also plans to bring in additional protection measures, such as alerts when a consumer might be charged, prohibiting multiple NSF fees on the same transaction and not allowing charges on overdraws under $10.
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