Canadian chequing fees in 2026: monthly fees $0–$30.95, NSF fees capped at $10 as of March 12, 2026, ATM (non-network) $2.00 + operator, stop payment ~$10, overdraft interest ~21% (confirmed at TD and CIBC) plus a monthly plan fee.
Quick answer: No monthly fee: Simplii, Tangerine, EQ Bank ($0). Big 5 unlimited plans: $16.95–$17.95/month (waived at $4,000 balance). NSF: $10 maximum per occurrence since March 12, 2026.
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 |
| BMO Performance | $17.95 | $4,000 | Unlimited |
| TD All-Inclusive Banking Plan | $30.95 | $6,000 | Unlimited + perks |
| Scotiabank Ultimate Package | $30.95 | $6,000 | Unlimited + perks |
| BMO Premium Plan | $30.95 | $6,000 | Unlimited + perks |
Confirmed via bank websites and aggregator cross-checks in September 2026. Always verify current fees directly with your bank as amounts change periodically.
NSF Fees Canada 2026
As of March 12, 2026, federal regulations cap NSF fees at $10 per occurrence at every federally regulated bank, and no more than one NSF fee may be charged per account within any 2-business-day period.
| Bank | NSF Fee (from March 12, 2026) |
|---|---|
| RBC | $10 (federal cap) |
| TD | $10 (federal cap) |
| Scotiabank | $10 (federal cap) |
| CIBC | $10 (federal cap) |
| BMO | $10 (federal cap) |
| Tangerine | $10 (federal cap) |
| Simplii | $10 (federal cap) |
| EQ Bank | $0 (declines transaction) |
The NSF fee is charged when a payment is returned for insufficient funds. Since March 2026, a bank cannot charge more than one NSF fee per account within a 2-business-day window, and no fee applies if the shortfall is under $10.
Example: Three pre-authorized debits (gym, streaming, insurance) hit your account on the same day with $0 balance. All three are returned, but under the 2026 frequency limit, the bank can charge at most one $10 NSF fee within that 2-business-day period — not three separate fees.
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 plan fee) | Confirm with your bank — varies |
| Overdraft interest | ~21% per year (confirmed at TD and CIBC) 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–$17.95/month × 12 months ≈ $203–$215/year in account fees alone
- Plus occasional NSF fees (now capped at $10 each), ATM surcharges, and wire fees
Switching to Simplii or Tangerine eliminates the roughly $203–$215/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:
$$ ext{Future value} = $203 imes rac{(1+0.06)^{35} - 1}{0.06} pprox $22,700$$
This is an illustrative projection at an assumed 6% average annual return — actual investment returns vary and are not guaranteed. The true long-term cost of paying Big 5 chequing fees without a waiver is potentially large when the foregone amount is invested consistently over decades.
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
Related Articles
- Best Chequing Accounts Canada 2026
- NSF Fee Canada 2026
- Overdraft Protection Canada 2026
- Simplii Financial Fees 2026
- Tangerine Bank Fees 2026
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