Recommendations-for-improved-low-cost-bank-accounts-Dec-5-

To reduce the number of Canadians who are unbanked or underbanked, and to promote access to low and no cost accounts for vulnerable consumers, the FCAC should work with consumer and financial sector stakeholders to create a made-in-Canada version of the highly successful U. [...] Bank accounts that are certified to meet the Bank On standard are marketed with the Bank On logo and promoted by local Bank On chapters. [...] Louis’ Bank On National Data Hub: • More than 17 million Bank On certified accounts have been opened to date across 35 reporting institutions, a 24% increase from the previous reporting year • Bank On accounts have been opened in 87% of all U. [...] FCAC and participating banks/credit unions should launch the standard with a coordinated national marketing campaign, with support from interested non-profit stakeholders, to promote certified accounts as the safe and affordable option for budget conscious consumers and to and benefits educate target beneficiaries on key account features. [...] Consumer feedback on the national standard and actual safe and affordable accounts should be collected every 2 years and the account standard updated as needed to effectively address target consumer needs.