Top 10 ways to save money on your banking fees, part 1

by in Media Centre
Top 10 ways to save money on your banking fees, part 1

Things have not been looking up for the economy during the past years. So it is important for every individual to be able to budget their finances properly and save money wherever possible. And one of the things that many Canadians can save on are the banking fees – monthly fees that the banks charge for maintaining a chequing or savings account. Here are some ways to save money on your banking fees:

1. Consider switching financial institutions. If you are feeling the pinch of having to shell out that monthly banking fee (for a BMO chequing account under the PLUS plan, you pay $10.95 per month – that’s $131.40 a year!), you can take advantage of the many other options out there. For example, First Calgary Financial, a credit union, offers a no monthly fee chequing account for members. To be a member, you only have to purchase your first share for $1. Here’s the link so you can learn more about it: https://www.firstcalgary.com/daily-banking/chequing/no-fees. Tangerine and Simplii Financial also offer no service fees accounts for daily banking.

2. Only use your own bank’s ATM. You will be charged several extra fees if you opt to use another financial institution’s ATM and these fees can add up quickly if you continuously do this. Once you use an ATM that your bank does not own, you will be charged a network access fee (may be about $1.90 per transaction) and if the machine is privately-owned, a convenience fee (may be about $1.00 to $5.00 per transaction.)

3. Plan ahead on your transactions. If you have a limited number of allowed transactions per month, plan ahead and ensure that you stay within that limit. You can make fewer withdrawals – e.g. instead of making 2 $50 withdrawals a week, you can withdrawal $100 once a week. This way you have fewer transactions a month and will be able to avoid any additional charges.

4. You can use the “cash back” at the store when making a purchase instead of making a withdrawal at an ATM for a fee.

5. Use online or telephone banking when paying bills. Some banks offer these services for free or usually at a lower cost than in-branch transactions.

We have more tips on how you can save money on your banking fees on our next blog! So please check back soon!

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KD PROFESSIONAL is a group of interconnected companies offering a wide range of financial, accounting and tax services to individuals and businesses across Canada.

Through our experienced staff and strategic alliances, we provide exemplary service and solutions to maximize your cash flow, while preserving Wealth.

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