A low-cost account is a
Canada bank account that costs $4 or less per month. In February 2001, an agreement was reached with the Canadian federal government, which involved eight of Canada's major banks offering low-cost accounts to consumers, ensuring that every person has affordable banking. The accounts have benefits that include free deposits, a free
debit card
A debit card, also known as a check card or bank card is a payment card that can be used in place of cash to make purchases. The term '' plastic card'' includes the above and as an identity document. These are similar to a credit card, but u ...
, cheques, free monthly statements, and up to 15 transactions per month.
References
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Banking in Canada