Financial Consumer Agency of Canada

Financial Consumer Agency of Canada

September 03, 2009 10:26 ET

FCAC Updates Cost of Banking Guide

Up to date interactive tool allows consumers to put their banking package to the test

OTTAWA, ONTARIO--(Marketwire - Sept. 3, 2009) - How do you like to do your banking? What is more important to you: convenience or low fees? Could you benefit from a student, youth or senior citizen's service package, with minimal or no fees? Answering those few simple but significant questions is the first step to finding the personal bank account that best suits your own financial needs. To continue providing consumers with the accurate, up-to-date information they need to help them choose the most appropriate financial products, the Financial Consumer Agency of Canada (FCAC) has updated its user-friendly Cost of Banking Guide.

Shop, compare features, and save!

FCAC's Cost of Banking Guide interactive tool makes it easy to compare features for different chequing and savings accounts, including interest rates. With a few simple clicks, the consumer can narrow the search and find a variety of accounts suit to his or her needs. A database of over 110 accounts, the Cost of Banking Guide tool is a great place to start shopping for a personal account, without having to step out of the house.

"It is important to remember that our financial needs and habits change over time, and that it is possible our current bank account no longer suits our lifestyle or situation," explains FCAC Commissioner Ursula Menke. "Consumers should review their bank accounts regularly to make sure they fit with the type and number of transactions they are accustomed to. By using the Agency's online interactive tool, consumers could find better options."

Consumers can find the Cost of Banking Guide interactive tool by visiting FCAC's website at moneytools.ca.

About FCAC

Through its consumer education publications and interactive tools, the Financial Consumer Agency of Canada (FCAC) works to increase consumers' understanding of financial products and services. FCAC provides consumers with accurate, objective information on financial products and services and informs them of their rights and responsibilities when dealing with federally regulated financial institutions. In addition, through its financial literacy programs, FCAC helps Canadians build their financial knowledge and confidence in managing their personal finances. FCAC also ensures compliance with consumer protection laws and monitors codes of conduct and public commitments that apply to banks and federally incorporated trust, loan and insurance companies.

To reach us, call our Consumer Contact Centre toll-free at 1-866-461-2232 (TTY: 613-947-7771 or toll-free at 1-866-914-6097) or visit our website at www.fcac.gc.ca.


FOR BROADCAST USE

The Financial Consumer Agency of Canada (FCAC) has updated its Cost of Banking Guide online tool and reminds consumers that reviewing their existing account package once a year could not only save them money, but also find financial products that better meet their needs. Listing 110 banking packages available in Canada, FCAC's Cost of Banking Guide allows consumers to compare account features and find the banking package that best suits their financial needs. The guide is available as an interactive online tool on FCAC's website moneytools.ca.

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