The Financial Post reports in its Saturday, Oct. 24, edition that banking fees can accumulate, making it difficult for consumers to grasp total costs, the Financial Consumer Agency of Canada reported Friday. The Post's Naimul Karim writes that the FCAC said banks need to be more transparent about the fees they charge and provide more personalized information. FCAC commissioner Benzvy Miller says: "Canadians should be able to clearly understand what they are paying for. When fees make the full cost harder to see, it affects both affordability and competition." Mr. Miller says more transparency would make it easier for consumers to compare options and save money, and financial institutions would have stronger incentives to compete for their business. FCAC's review said that multiple fees can apply to a single transaction to increase the total cost. For example, foreign exchange and cross-border debit fees can be included in the cost of a transaction, making the amount consumers pay in fees less visible, it said. The FCAC review was done as Ottawa looks to improve competition in Canada's financial sector which is heavily dominated by the Big Six banks.