Customers at Canadian banks will soon be getting more information about the potential risks of products and banking services.
Federal Finance Minister Joe Oliver says the information will focus on a number of matters, including the costs of joint bank accounts, collateral mortgages and powers of attorney.
Eight bank websites posted general information about costs earlier this week, and pamphlets are due at bank branches by the end of the year.
Mr. Oliver says some Canadians, for example, may not be aware that it is difficult to switch to another lender with a better rate when a collateral mortgage expires.
He adds that some Canadians holding joint accounts might not realize they could be put at financial risk if the person with whom they share the account withdraws the contents of the account.
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