ACORN Celebrates $400+ million a year victory with $10 NSF Cap

ACORN members across the country are celebrating a huge victory in the fight against predatory banking fees. After years of relentless organizing, the federal government announced last March the implementation of capped Non-Sufficient Funds (NSF) fees at $10. Today, on March 12th, this comes into effect saving low and moderate income people across the country $400+ million/year!

“Our pockets are smiling! This is a major victory showing organizing works when we act collectively; even against major corporations, we can win big!” 

– Alejandra Ruiz Vargas, ACORN Canada National President.

This is following an organizing campaign, countless actions, and mobilization from ACORN members across the country for over a decade demanding the Federal Government crack down on exorbitant NSF fees.

This is a major win for low- and moderate-income Canadians who have long been gouged by fees as high as $48 for a single declined transaction. These changes will directly benefit millions of Canadians—especially renters, single parents, gig workers, and people living paycheque to paycheque—by preventing fees from spiraling into deeper financial hardship. 

The New Policy Will:

• Cap NSF fees at $10, ensuring that banks can no longer charge exorbitant penalties when someone’s account is short on funds.
• Stop banks from stacking NSF fees, prohibiting multiple charges within a two-business-day period.
• Protect against small overdrafts, ensuring that banks cannot charge NSF fees if an account is only short by less than $10.

Over the next decade, this cap is expected to save Canadians over $4 billion in unnecessary fees.

THANK YOU and congratulations to the countless ACORN members who made this victory for Canadians possible.

In the coming months ACORN will continue to fight for fair banking, focusing on other bank fees and aspects of banking like fair credit and fair loans. Get in touch with your local office to get involved.