Junk fees are everywhere — from inflated airfare to drip pricing in online retail to bank account fees. And it is no secret that Canadians are feeling the pinch, particularly as they grapple with an ongoing affordability and cost-of-living crisis.

Although the federal government has introduced measures to address junk fees in airfare, internet and cellular plans, banking services, and other industries, they have fallen short of addressing the full range of hidden fees that continue to affect Canadians daily, including those charged by their financial institution.

The federal government previously introduced measures to do away with non-sufficient funds fees by requiring banks to alert Canadians when their balances fall below the bottom threshold. This is a key action from the federal government to protect those who are more financially vulnerable. While this is a step forward, it was not followed by additional action to help Canadians when it comes to their everyday financial transactions. Policymakers have yet to introduce any legislation that will require providers to disclose or remove hidden fees in international money transfers.

With Canadians continuing to face economic challenges, particularly during a turbulent........

© iPolitics