Financial Consumer Protection Framework Regulations (SOR/2021-181)

AMENDMENTS NOT IN FORCE

• — SOR/2025-96, s. 1

  • 1 The Financial Consumer Protection Framework RegulationsFootnote ¹ are amended by adding the following after section 10:

    • Return to footnote ¹SOR/2021-181

    Non-sufficient Funds

    • Charges for non-sufficient funds

      • 10.1 (1) An institution may impose a charge of not more than $10 on a natural person who does not have sufficient funds in their personal deposit account to cover a payment to be drawn from that account.

      • Exceptions

        (2) However, the institution must not impose a charge for non-sufficient funds

        • (a) more than once within a period of two business days in respect of the same personal deposit account; or

        • (b) in respect of a personal deposit account that is in unauthorized overdraft by less than $10.