Banking without the fees: Canada.

A take-home sheet for people at the session. Other countries: United States · United Kingdom · Australia.

Moraph for Good · Fluent

Banking without the fees: Canada

Handout · moraph.org/commons/sessions/fluent/banking-without-the-fees

This sheet goes with the Banking without the fees session. It is general information, not advice, and it doesn’t recommend any bank, credit union or app.

Choosing an account

Ask for a basic or low-cost account by name.
Ask about monthly fees and how to avoid them, overdraft rules and free cash machines.
Compare banks and credit unions with the same questions.

Avoiding overdraft fees

Ask whether payments can be declined instead of overdrawing.
Turn on low-balance and transaction alerts.
Know the date of every automatic payment, and ask to move bills to after payday.

Checks and payment apps

Depositing checks into an account usually costs less than cashing them at a store.
Move money out of a payment app balance into your account promptly.
Treat a payment sent through an app like cash: it may not come back.

If something goes wrong

Report missing money to your bank straight away, using the number on your card.
Complain to the bank first, in writing, and keep copies.
If that fails, use the free complaint service below.

In Canada

Your right to an account. You have the right to open a bank account at a bank, including federal credit unions, even if you don’t have a job, don’t have money to put in right away, or have been bankrupt. The bank must be able to confirm your identity.
Low-cost and no-cost accounts. All Canadians can get a bank account with a monthly fee of $4 or less, including at least 18 debit transactions a month. No-cost accounts are available to some groups, including people 18 or younger, students, seniors receiving the Guaranteed Income Supplement, RDSP beneficiaries and newcomers in their first year.
Government of Canada cheques. You have the right to cash a Government of Canada cheque for free at a bank, with proper identification, even if you don’t have an account there.
Overdraft protection. Overdraft protection is a product you can add to an account. You pay interest on the overdrawn amount and usually a flat monthly fee or a fee each time, depending on the option you choose.
Deposit insurance. The Canada Deposit Insurance Corporation insures eligible deposits at member institutions, each category separately up to $100,000. Mutual funds, stocks and bonds, ETFs and cryptocurrencies, including stablecoins, are not eligible.

Official places to check:

Financial Consumer Agency of Canada: www.canada.ca/en/financial-consumer-agency/services/banking/opening-bank-account.html
Financial Consumer Agency of Canada: www.canada.ca/en/financial-consumer-agency/services/banking/bank-accounts/low-cost-no-cost.html
Financial Consumer Agency of Canada: www.canada.ca/en/financial-consumer-agency/services/banking/cashing-government-cheque.html
Financial Consumer Agency of Canada: www.canada.ca/en/financial-consumer-agency/services/banking/overdraft-protection.html
Canada Deposit Insurance Corporation: www.cdic.ca/depositors/whats-covered

General information, not advice about your own situation. Checked 19 October 2026. If an official source says something different, it is right. Free to copy and adapt. moraph.org/commons/sessions/fluent/banking-without-the-fees