HomeNational

Big banks to offer no-cost accounts

By: The Canadian Press

 | May 27, 2014 - 11:19 AM |
Finance Minister Joe Oliver is expected to announce he has secured agreement from Canada's big banks on no-cost banking services for low-income seniors and other financially vulnerable Canadians. File photo.

Finance Minister Joe Oliver is expected to announce he has secured agreement from Canada's big banks on no-cost banking services for low-income seniors and other financially vulnerable Canadians. File photo.

OTTAWA - Finance Minister Joe Oliver is expected to announce he has secured agreement from Canada's big banks on no-cost banking services for low-income seniors and other financially vulnerable Canadians.

The minister has scheduled an announcement at a senior's centre in Ottawa for noon.

The announcement is expected to put flesh to the broad measure introduced in the February budget on cheap access to banking services.

The budget promised the government would work with financial institutions to expand no-cost banking services for youth, students and vulnerable groups.

The no-cost accounts are expected to potentially benefit about seven million low-income Canadians, including young people, and come into force next year.

Susan Eng of the Canadian Association of Retired Persons says measures to help vulnerable seniors avoid costly fees are welcome, as would be the elimination of charges for receiving credit card statements by mail.

Last year's Throne Speech signalled that the government plans to announce a string of consumer-friendly policies, including rules limiting charges on pre-paid credit cards and measures to reduce the Canada-U.S. price gap on consumer items.

On Monday, Transport Minister Lisa Raitt said she will permit the use of personal electronic devices such as video games, tablets, computers and cameras at any time during a flight, including during takeoff and landing.

Reader's Feedback

NorthernLife.ca may contain content submitted by readers, usually in the form of article comments. All reader comments and any opinions, advice, statements or other information contained in any messages posted or transmitted by any third party are the responsibility of the author of that message and not of NorthernLife.ca. The fact that a particular message is posted on or transmitted using this web site does not mean that NorthernLife.ca has endorsed that message in any way or verified the accuracy, completeness or usefulness of any message. We encourage visitors to NorthernLife.ca to report any objectionable content by using the "report abuse" link found in the comments section of this web site. Comment Guidelines


comments powered by Disqus

Most Popular

Local Business Directory