Savings accounts - Incorrectly charged

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Read your account agreement and find out what the service fees are for your account.

The Banking Act says that any financial institution should make its fees and charges clear to you before you sign up to anything. Fees and charges should be presented in plain language in your account agreement. If in doubt, double-check the terms of the agreement. Most financial institutions should have these available online.

You may have to pay fees for transactions such as withdrawals or transfers. Most savings accounts offer a limited number of transactions. Some savings accounts won’t charge you transactions fees if you keep a minimum monthly balance.

If you believe you've been overcharged by your bank, you should first raise the matter with them. They should be able to resolve the matter for you through their internal channels. If you've tried everything you can and still can't resolve the matter by working with the bank, you may be able to take the matter to your bank's ombudsman.

The ombudsman can only take complaints about financial institutions who have signed up to their service. You can escalate to the ombudsman if 90 days have passed since you first complained to the firm and you've either not been able to resolve the matter or have heard nothing back. You can also escalate if you're not happy with your banks final response.

You've got 180 days total to take your complaint to the ombudsman – make sure you escalate within the time limit!

You should know

Where available we include the Internal Ombudsman of a bank in the escalation process. This is in-line with the FCAC complaints process guidance:

https://www.canada.ca/en/financial-consumer-agency/services/complaints/file-complaint-financial-institution.html

If you already have a final response from your bank that is not to your satifaction, you can choose to escalate for a Third Party Review regardless of whether you have been to the Internal Ombudsman.

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