Canadian banking questions, answered

OSFI’s list dated October 1, 2026 shows 34 domestic banks (including 4 federal credit unions), 15 foreign bank subsidiaries and 29 foreign bank branches.

OSFI supervises safety and soundness; FCAC supervises consumer protection; CDIC insures deposits; OBSI handles unresolved complaints. See how banks are regulated.

Up to $100,000 per insured category, per member institution, for eligible deposits. There are nine categories.

Yes, by provincial insurers — unlimited in BC, Alberta, Saskatchewan and Manitoba; up to $250,000 for non-registered deposits in Ontario and most of Atlantic Canada; $100,000 per category in Quebec. Federal credit unions are CDIC members.

There is no single answer, but 14 banks must offer a low-cost account of no more than $4 a month with 18 debit transactions, and a no-cost version for eligible groups.

Not yet for consumers. The law is passed and the Bank of Canada oversees it, but final regulations were pending as of October 30, 2026.

Complain to the bank first; it has 56 days to respond in writing. Then take it to OBSI for free. See the steps.

RBC acquired HSBC Bank Canada on March 28, 2024; its branches opened as RBC locations on April 1, 2024.

Yes. Tangerine Bank is a separate CDIC member. Simplii Financial, by contrast, is a CIBC division and shares CIBC’s limits.

No. They hold customer money at partner institutions; coverage depends on those arrangements. See fintechs vs banks.

For cheques up to $1,500: up to 4 business days in person or 5 another way; over $1,500: 7 or 8. The first $100 is available right away in person.

No. It is an independent educational reference in the MITEY Network.