Is every NSF fee in Canada capped at $10?

FCAC says a federally regulated bank or credit union cannot charge more than $10 in NSF fees on a personal deposit account when there is not enough money for a payment. The same page says the limit does not apply to business accounts. An institution that is not federally regulated follows its own rules. FCAC also says NSF fees can be as high as $50, which is why you check the fee on your own statement.

Can the bank charge two NSF fees on the same day?

FCAC says a federally regulated bank or credit union cannot charge an NSF fee more than once per personal deposit account in a period of 2 business days. The statement shows the dates of the fees you were charged.

Will the bank remove an NSF fee if I ask?

They might, and they might not. Asking is a request. Nothing on this page says the bank has to waive a fee already on the statement.

Should I multiply an NSF fee by 12?

No. An NSF fee is tied to a payment that did not have enough money. Multiply by 12 only for a fee the statement shows every month, such as a monthly account fee.

Guides

NSF fees on a Canadian bank account

An NSF fee is a charge when there is not enough money in the account to cover a payment. The Financial Consumer Agency of Canada states limits for federally regulated banks and credit unions. Asking your bank to remove a fee already charged is a request. The bank can say no. This page does not promise a waiver.

What an NSF fee is

NSF means non-sufficient funds, which is another way to say there was not enough money. The Financial Consumer Agency of Canada says this happens when the account cannot cover a transaction such as a cheque or a pre-authorized debit. The payment and the fee are different lines. Write down both.

An NSF fee is not a monthly account fee, not a subscription, and not a refund. A courtesy overdraft fee, when a bank pays the item and then charges you, is also a different line. FCAC explains that charge on its overdraft protection page. How to ask about an overdraft fee covers the US consent rule, which does not set the fee on a Canadian account.

What FCAC says a bank can charge

The figures below come from FCAC's chequing accounts page. That page says fees can be as high as $50, and it tells you to check what your own institution charges.

The same page then says a federally regulated bank or credit union cannot charge you more than $10 in NSF fees when a personal deposit account does not have enough money for a payment. It says they cannot charge an NSF fee more than once per account in a period of 2 business days. It says they cannot charge an NSF fee when the overdraft on that account is less than $10. FCAC says this applies to personal deposit accounts, not to business accounts.

FCAC's 12 March 2026 news release says those limits came into force that day for federally regulated banks. A provincial credit union that is not federally regulated follows its own regulator. Your account agreement and the fee list the bank must give you are the documents for your account. This page does not replace them.

Do not multiply one NSF fee by 12 and treat the result as a monthly bill. An NSF fee is charged for an event, not once a month by default. If the statement shows several NSF fees, add the amounts that are printed. The total is arithmetic. It is not a quote from the bank, and it is not money the bank has agreed to return.

Find the fee and what to ask

On the statement, look for NSF, non-sufficient funds, or returned item. Write the date, the printed name, the amount, and the payment that caused it. A Canadian dollar account stays in C$. How fees show on a Canadian statement keeps this line apart from the monthly plan fee.

Use the phone number on the statement. Have the date and the amount. Ask whether the account is a personal deposit account at a federally regulated bank, whether another NSF fee was charged in the previous 2 business days, and whether the shortfall was under $10. Then ask the bank to review the fee or remove it. They can say no. This page has no success rate, because a made up rate would be a guess.

If the answer is no, ask for the bank's complaint steps. Start with the bank, then the outside office the bank names. Expenvo does not file the complaint. Upload a statement to see the bank fee lines it recognizes. The PDF stays on your device. Expenvo does not promise the fee will be removed.

Questions

Is every NSF fee in Canada capped at $10?: FCAC says a federally regulated bank or credit union cannot charge more than $10 in NSF fees on a personal deposit account when there is not enough money for a payment. The same page says the limit does not apply to business accounts. An institution that is not federally regulated follows its own rules. FCAC also says NSF fees can be as high as $50, which is why you check the fee on your own statement.
Can the bank charge two NSF fees on the same day?: FCAC says a federally regulated bank or credit union cannot charge an NSF fee more than once per personal deposit account in a period of 2 business days. The statement shows the dates of the fees you were charged.
Will the bank remove an NSF fee if I ask?: They might, and they might not. Asking is a request. Nothing on this page says the bank has to waive a fee already on the statement.
Should I multiply an NSF fee by 12?: No. An NSF fee is tied to a payment that did not have enough money. Multiply by 12 only for a fee the statement shows every month, such as a monthly account fee.

Sources

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