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Oliver Says Canada Banks to Have More No-Cost Accounts

May 27 (Bloomberg) -- Canada’s eight largest banks will make more no-cost accounts available to youth, students and low-income seniors, Finance Minister Joe Oliver said.

The bank accounts will be available to seniors who qualify for a federal grant for low-income people over the age of 65, Oliver said today in Ottawa, adding the voluntary guidelines will come into force by Jan. 15.

The banks have also committed to expand availability of accounts costing C$4.00 ($3.68) a month, he said. The moves will make basic accounts with no or low fees available to over 7 million consumers, Oliver said.

To contact the reporter on this story: Andrew Mayeda in Ottawa at amayeda@bloomberg.net

To contact the editors responsible for this story: Paul Badertscher at pbadertscher@bloomberg.net Chris Fournier

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