How much are chequing account fees in Canada?

Canadian chequing account monthly fees range from $0 (Simplii, Tangerine, EQ Bank) to $30/month (premium Big 5 accounts). Mid-tier unlimited chequing plans at RBC, TD, Scotiabank, CIBC, and BMO typically cost $15.95–$16.95/month, waived when you maintain a $3,500–$4,000 minimum daily balance.

What is an NSF fee in Canada and how much is it?

An NSF (Non-Sufficient Funds) fee is charged when you don't have enough money in your account to cover a transaction. In 2026, NSF fees at Canadian banks are $45–$48: BMO $48, RBC $48, TD $48, Scotiabank $48, CIBC $48, Tangerine ~$45, Simplii ~$45. EQ Bank does not charge NSF fees — it declines the transaction instead.

Can I avoid monthly chequing fees in Canada?

Yes. To avoid monthly chequing fees: 1) Choose a no-fee bank like Simplii, Tangerine, or EQ Bank (permanently $0). 2) At a Big 5 bank, maintain the minimum daily balance ($3,500–$6,000 depending on the account) to have fees waived. 3) Qualify for fee waivers through seniors programs, student status, or disability tax credit.

What is a stop payment fee in Canada?

A stop payment fee is charged when you ask your bank to cancel a cheque before it clears. In 2026, stop payment fees at Canadian banks run approximately $8–$12 per request. This covers one specific cheque number. Some banks charge for stop payments placed online vs. by phone, so check your fee schedule.

Do banks charge for Interac e-Transfers?

No-fee banks (Simplii, Tangerine, EQ Bank) include unlimited free Interac e-Transfers. Big 5 banks include free e-Transfers on mid-tier and premium chequing plans but charge $1.00–$1.50 per e-Transfer on their basic/entry-level plans. Always check your plan's e-Transfer terms.

Chequing Account Fees Canada 2026 — NSF, Monthly, and ATM Fee Comparison

Canadian chequing fees in 2026: monthly fees $0–$30, NSF fees $45–$48, ATM (non-network) $2.00 + operator, stop payment ~$10, overdraft ~$5/month + 21% interest.

Quick answer: No monthly fee: Simplii, Tangerine, EQ Bank ($0). Big 5 unlimited plans: $15.95–$16.95/month (waived at $3,500–$4,000 balance). NSF: $45–$48 per occurrence.

Canadian Chequing Account Monthly Fees 2026

Bank	Monthly Fee	Waiver Balance	Transactions
Simplii	$0	N/A	Unlimited
Tangerine	$0	N/A	Unlimited
EQ Bank	$0	N/A	Unlimited
RBC Day to Day	$4.00	None	12
RBC Signature No Limit	$16.95	$4,000	Unlimited
TD Unlimited Chequing	$16.95	$4,000	Unlimited
Scotiabank Preferred	$16.95	$4,000	Unlimited
CIBC Smart Tier 3	$14.95	None	Unlimited
BMO Performance	$15.95	$4,000	Unlimited
Big 5 Premium plans	$25–$30	$5,000–$6,000	Unlimited + perks

Always verify current fees directly with your bank as amounts change periodically.

NSF Fees Canada 2026

Bank	NSF Fee
RBC	$48
TD	$48
Scotiabank	$48
CIBC	$48
BMO	$48
Tangerine	~$45
Simplii	~$45
EQ Bank	$0 (declines transaction)

The NSF fee is charged each time a payment is returned for insufficient funds — per transaction returned, not per day. Multiple NSF fees can accumulate on a single day.

Example: Three pre-authorized debits (gym, streaming, insurance) hit your account on the same day with $0 balance. All three are returned → $144 in NSF fees in one day at a Big 5 bank.

ATM Fees Canada 2026

Scenario	Cost
Own-network ATM	Free
Non-network Canadian ATM	$2.00 (bank fee) + operator surcharge ($1.50–$3.00)
International ATM	$5.00 (bank fee) + operator + FX conversion
EQ Bank (any Interac ATM)	Reimbursed

Other Common Chequing Fees

Fee Type	Typical Cost
Stop payment	$8–$12
Overdraft protection (monthly)	~$5
Overdraft interest	~21% per year on amount overdrawn
Certified cheque	$10–$25
Bank draft	$8–$20
Interac e-Transfer (basic plans)	$1.00–$1.50
Paper statement	$2–$5/month
Replacement debit card (lost/stolen)	Free to $10
Outgoing domestic wire	$15–$30
Outgoing international wire	$25–$40

Fee Waiver Programs in Canada

Banks waive monthly fees for qualifying customers:

Program	Requirement
Minimum balance waiver	Maintain $2,000–$6,000 minimum daily balance
Senior discount	Age 60–65+, on qualifying plans
Student waiver	Full-time post-secondary enrollment (under 25)
Youth account	Under 18–19 (varies by bank)
Disability Tax Credit	Hold CRA Disability Tax Certificate
Newcomer package	Usually free for 6–12 months

How Much Does the Average Canadian Pay in Chequing Fees?

A Canadian who uses a Big 5 mid-tier unlimited plan without a balance waiver pays:

$16.95/month × 12 months = $203.40/year in account fees alone
Plus occasional NSF fees, ATM surcharges, and wire fees

Switching to Simplii or Tangerine eliminates the $203.40/year base fee. Both offer the same core features: unlimited transactions, free e-Transfers, no minimum balance.

How many years does $203/year compound to?

If a 30-year-old invests $203/year in a TFSA at 6% average annual return until age 65:

$$ ext{Future value} = $203 imes rac{(1+0.06)^{35} - 1}{0.06} pprox $22,700$$

The true long-term cost of paying Big 5 chequing fees without a waiver is approximately $22,700 in foregone investment growth over a 35-year period.

Choosing the Right Account: Who Should Pay Fees?

You should use a no-fee bank (Simplii, Tangerine, EQ Bank) if:

You primarily bank online and on your phone
You don’t need in-person teller services regularly
You’re comfortable with digital-only customer support
You want to maximize savings by eliminating fees

A Big 5 fee-based account makes sense if:

You regularly need in-person branch services (notarizations, certified cheques, complex wire transfers)
You maintain $4,000+ in your chequing account and can qualify for the balance waiver
You benefit from Big 5 bundled pricing on mortgages or investments
You need a Scotiabank or RBC account for a specific employer direct deposit

Written by WealthVieu

WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.

The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy