Ottawa is limiting the fees that banks can charge customers who don’t have enough in their accounts to cover a cheque or other pre-authorized charge.

The changes included in an order-in-council last week will take effect starting March 12, 2026.

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The new rules cap non-sufficient funds fees at $10 for personal deposit accounts and prohibit charging more than one NSF fee in a period of two business days.

The changes also prohibit charging an NSF fee when an account shortfall is under $10.

The government announced in the budget last year that it would cap NSF fees at $10 and place other limits on them.

It said at the time that the fees charged by banks could reach almost $50 and that they disproportionately affect low-income Canadians and people with poor credit history