Financial Consumer Agency of Canada

Financial Consumer Agency of Canada

March 21, 2007 13:59 ET

FCAC: Ten Minutes is all it Takes to Compare 100 Bank Accounts

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OTTAWA, ONTARIO--(CCNMatthews - March 21, 2007) - Wouldn't it be nice to find out if you could pay fewer fees for your bank account? Ten minutes is all you need to compare 100 bank account packages, using the Financial Consumer Agency of Canada's (FCAC's) on-line, interactive tool called the Cost of Banking Guide.

"Your banking needs can change over time. That's why it's a good idea to review your account package at least once a year," said FCAC Acting Commissioner Jim Callon. "Take the time to find out how much you are paying in fees for your transactions, and ask yourself what services you really need and use. Could you meet your banking needs at a better price?"

To compare the details of various bank account packages, consumers can visit - FCAC's new Web portal that quickly links consumers to the Agency's interactive Cost of Banking Guide, as well as to several other useful tools and publications.

The interactive Cost of Banking Guide enables you to shop around, without having to walk around. After asking you a few questions about your banking habits, the tool provides you with a short list of accounts that fit your personal profile. "Our interactive tool is a unique, useful way to compare the costs and features of the banking packages that are currently available in Canada," said Callon.

Print copies of the Cost of Banking Guide are also available free of charge by calling FCAC's Consumer Contact Centre, toll-free, at: 1-866-461-3222.

FCAC ensures compliance with the consumer protection laws and monitors compliance with the codes of conduct and public commitments that apply to banks and federally incorporated trust, loan and insurance companies. FCAC also provides consumers with accurate, objective information about financial products and services, and informs Canadians of their rights and responsibilities when dealing with federally regulated financial institutions.

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