What You Can Do About Bank Fees

It’s something every one of us has to deal with every month.  You prepare for it, you know it’s coming, and sometimes you just wish it wouldn’t pop up again and again.  But at the same time, every month, it’s there: bank fees.

Last year alone, 3 major US banks profited 6 billion dollars made up of bank, ATM and overdraft fees; Wells Fargo, Bank of America and J Morgan Chase.  Aside from your monthly fees, on average, Americans pay roughly $4 to withdraw their money from an ATM out of the same network than their bank, and that’s just an average.  Not only are there fees for withdrawals, but overdraft fees can go up to $60! The continuous issue surrounding banking fees has actually made its way to the forefront, even surfacing among the presidential campaign.

Canada isn’t much better in comparison, with comparable service and overdraft fees for account holders.  And they’re not slowing down.  In the past year, most banks, if not all, have increase their fees for an array of their services.

The Canadian Big Five, the five major banks in Canada including BMO, TD, RBC, CIBC and Scotia Bank, have all increased fees for certain services.  That little receipt that lets you know your balance? It’s a fee.  E-transfer money? There’s a fee for that.  Just need to keep your money in an account to stay organized? There’s your monthly fee for that.  Let’s not even get into overdraft fees, debit fees and so many more.  Some banks can charge up $5 on top your original fee to cancel an e-transfer as well!

You can try and skip getting robbed by the same institution you trust to hold on to your money by following these few tips when you can:

  • Always do your own research! Compare banks and all the account options before committing to just one.
  • Some banks offer to waive the monthly fee if you can manage a specific balance in there at all times. Keeping a balance and saving that fee month-to-month can keep your money in your hands!
  • Most banks offer specially priced accounts and plans for both seniors and students. Always inquire about special features depending on your own status.
  • With bank fees becoming such a present issue among people, banks such as PC Financial and Tangerine offer no fee banking. We’d say that’s definitely worth checking out.

For more tips on managing your money, staying up to date on current affairs and how it’s affecting you, check out Choras’ blog here!

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