Top 10 ways to save money on your banking fees, part 2

by in Media Centre
Top 10 ways to save money on your banking fees, part 2

As mentioned in our previous blog, as the economy has not been healthy for the past years, it is extremely important for all Canadians to be able to manage their finances properly and save money wherever they can. And one of the areas you can save money on is banking.

Most of us pay a monthly fee to the banks for maintaining a chequing or savings account with them. Here are some ways to save money on your banking fees:

6. Negotiate. If you have been a great client for many years, many banks may be able to waive or lower fees for you. So book an appointment and try to negotiate for a lower monthly fee or better yet, have them waive it. Let them know that you are planning to move your business elsewhere to lower your fees. Ask them if they can recommend alternatives that can help you save money without switching banks.

7. Save the trees! Do away with paper statements and opt to have all bank notifications sent online. Some banks like BMO charge $2 per statement per month!

8. Get rid of the overdraft protection. You will be charged a maximum of $5 each time you go into overdraft. So ensure that you only spend the money that you do have instead of racking up on these charges.

9. Monitor your account regularly. Ensure you have enough funds for your monthly spending and expenses. Most importantly, review your transactions in case there are any fraudulent or suspicious transactions that you will need to report.

10. Do your due diligence. There is so much information you can get from the internet. A great source of information is the Canadian Government’s website focusing on managing finances. It has a section on banking with everything you will need to know from opening an account to deposit insurance and ATM fees. It also has a great tool that you can use to compare interest rates, monthly fees, etc. – the Bank Account Comparison Tool. Here is the link to the web page on banking: https://www.canada.ca/en/financial-consumer-agency/services/banking.html

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