What does it cost a client to walk out of a bank?
The review covers RRSPs, RRIFs, TFSAs, FHSAs, RESPs, RDSPs, LIRAs and LIFs, products that typically hold cash deposits, GICs and mutual funds.
Under the Canadian Bankers Association’s Guidelines for Transfers of Bank Registered Plans, banks commit to process registered plan transfers within a maximum of seven business days under normal conditions and 12 during peak periods such as tax-return season.
That commitment does not apply to non-registered investment accounts.
The review noted that Budget 2025 announced the government’s intention to prohibit certain transfer-out fees to help Canadians switch between financial service providers.
FCAC set out 22 findings across nine fee categories, covering account maintenance, excess transaction, ATM, non-sufficient funds, overdraft protection, currency conversion markup, cross-border debit, transfer-out and prepaid payment product fees.
