On this episode of Li Fa Sien on 1320 CHMB, Iven discusses consumer rights regarding unexpected bank charges. A caller, Ms. Lee, shares concerns about service fees that appeared on her account without prior notification. Iven clarifies that under the Bank Act (Section 627.93), banks must notify customers at least 30 days in advance of any new or increased charges and must also publish these updates online for at least 60 days.

He emphasizes that consumers should regularly check their email, account statements, and online banking notifications to stay informed. Additionally, if a charge seems unjustified, customers should first contact their bank for clarification. If the issue remains unresolved, they can escalate it to the Financial Consumer Agency of Canada (FCAC), which oversees banking compliance.

Iven also highlights the importance of carefully reviewing account agreements, particularly regarding digital versus paper statements, to avoid unexpected fees.