A phrase I’m sure that we have all said at one point in our lives.  Our Conservative government has been working hard to make the everyday financial products that you and your family use fairer and more transparent.  Canadians deserve clear and direct information to be able to make the best financial decisions in their best interests and this is happening more and more with our landmark pro-consumer measures.

Some of the things that we have introduced:

Credit cards:

New rules that require all credit card applications and agreements to have significant information, like interest rates, grace periods and fees, clearly and noticeably stated in plain language.

Monthly credit card statements must now include a clear indication of how long it would take someone to pay off a balance when only making the minimum payments, at current interest rates.

Advance notice must now be provided on monthly credit card statements if interest rates are going to increase during the next statement period.

We are banning unsolicited credit card cheques which usually carry higher interest rates and fees and like cash advances, interest begins to accrue immediately!

Personal banking:

Beginning in August, we are shortening the cheque hold period to give immediate access to the first $100 dollars of a cheque cashed at a federal financial institution to give Canadians timely access to their own money!

Mortgages:

One of the biggest investments for Canadians is their homes  and this is why we have brought in a new code of conduct to ensure more transparent information for home-buyers on the often confusing issue of mortgage prepayments.   This means Canadians can better manage their mortgages because lenders must provide straightforward details on what rights home-buyers have and what obligations they face (including potential penalties) when paying down their mortgages.

I am happy to announce that these measures have been and will be implemented to help Canadian consumers better protect their finances and families.  For additional information please visit www.fcac.gc.ca