An Act to amend the Bank Act, the Cooperative Credit Associations Act and the Trust and Loan Companies Act (charges for keeping an account in Canada)

This bill was last introduced in the 41st Parliament, 2nd Session, which ended in August 2015.

Sponsor

Anne-Marie Day  NDP

Introduced as a private member’s bill. (These don’t often become law.)

Status

Introduced, as of April 2, 2015
(This bill did not become law.)

Summary

This is from the published bill. The Library of Parliament often publishes better independent summaries.

This enactment amends the Bank Act, the Cooperative Credit Associations Act and the Trust and Loan Companies Act in order to limit the sums that may be charged or received for keeping an account in Canada and to provide for the tabling of a report in Parliament setting out all the sums charged or received for keeping an account in Canada.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, provided by the Library of Parliament. You can also read the full text of the bill.

Bank ActRoutine Proceedings

April 2nd, 2015 / 12:10 p.m.
See context

NDP

Anne-Marie Day NDP Charlesbourg—Haute-Saint-Charles, QC

moved for leave to introduce Bill C-663, An Act to amend the Bank Act, the Cooperative Credit Associations Act and the Trust and Loan Companies Act (charges for keeping an account in Canada).

Mr. Speaker, I am proud to rise in the House today to introduce a bill to amend the Bank Act, the Cooperative Credit Associations Act and the Trust and Loan Companies Act. More specifically, we want to reduce bank charges, which we consider to be excessive.

First, banks will have to be more transparent. Every bank will have to provide an annual report that shows all fees charged to clients and the real costs of those services.

The banks will also have to communicate more with clients by establishing a set period of time before fees can be charged for transactions with insufficient funds. Our goal is to regulate the banks in order to stop them from charging excessive fees to everyone who is having difficulty making ends meet. We must do better for our families.

I hope that this initiative will garner the enthusiastic support of our colleagues.

(Motions deemed adopted, bill read the first time and printed)