Canada's Finance Minister Joe Oliver says eight banks have agreed to voluntarily offer no-cost accounts to low-income Canadians.
Photo Credit: Adrian Wyld/CP

Government strikes deal with top banks: Free accounts for low-income Canadians

Eight of Canada’s biggest banks have made voluntary commitments to provide no-cost accounts to low-income Canadians, Finance Minister Joe Oliver announced on Tuesday (May 27).

“Canadians work hard for their money. Our Government believes Canadians deserve to keep more of their hard-earned money. That is why we are taking action to improve low-cost accounts and expand access to no-cost banking services for more than 7 million people—to protect consumers and save even more money for Canadians.”

More information:
Government of Canada press release – Harper Government Secures Commitment from Largest Banks to Offer No-Cost Accounts for Financially Vulnerable Canadians – here
Financial Post – Ottawa strikes deal with top banks to offer free accounts to low-income Canadians – here
CBC News – Big banks promise free and low-cost accounts – here
CTV News – Banks agree to no-cost accounts for low-income seniors, youth – here

Categories: Economy, Politics
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