Learn more about Canada’s top banks rates, rules and the latest news – read on!
Latest News
What is a consumer proposal? How does it work? + MORE May 23rd
Getting trapped in a perpetual cycle of debt with seemingly no way out is one of the most stressful situations life can throw at you. For anyone looking for a way forward, experts say a consumer proposal can break the chain without the need for a bankruptcy filing.
While everyone’s debt toleran.... More »
Credit Memo vs. Debit Memo: What’s the Difference? Apr 8th
If you pay close attention to your bank statements, you may notice an item labelled, “credit memo”, from time to time. But without more information, it’s hard to know what the credit memo is for; why you received extra money in your account. The same goes for “debit memos.” Businesses also.... More »
Looking for a mortgage in B.C.? Don’t limit your options to the big banks Nov 9th
At last, interest rates are coming down again. For Canadians who are in the market for a new home, facing renewal of their mortgage in the foreseeable future, or feeling unsatisfied with their current home loan, this poses two choices: do you pounce now, or stay on the sidelines in the hope that rat.... More »
Pros and Cons of Opening a Joint Bank Account Apr 17th
If you’ve recently been married or entered a committed relationship, you may wonder if it’s a good idea to join your banking with your spouse or partner. Perhaps you’ve discussed the idea with them, but you’re unsure if it’s better to open joint bank accounts or keep yo.... More »
Battery bank or generator? How to choose the best backup power for your home during an outage Jul 14th
From portable battery banks and generators to whole-house systems, there are many backup power choices to consider as extreme weather ramps up and outages happen more often and last longer..... More »
With the recent news that bank fees have increased during the pandemic and challenger banks like Neo Financial promising no fees on accounts, switching banks may be at the forefront of your mind. But having a good understanding of bank fees—what they are, how they’re determined and the kind of service you can expect without paying them—will help you make the best banking decision for your lifestyle. Read on to learn the information you need to know about bank fees.
Types of bank fees and the services they provide
The type and amount of fees charged vary by institution, so it’s always important to do your homework. Here are some common and not-so-common fees charged by banks and other financial institutions.
Monthly service fees
This is a flat rate charged each month to keep your account active. You can expect to shell out around $4 for a no-frills account and more for perks like cheques or unlimited transactions. Some accounts require you to maintain a minimum balance at all times or you’ll incur additional fees…
Types of bank fees and the services they provide
The type and amount of fees charged vary by institution, so it’s always important to do your homework. Here are some common and not-so-common fees charged by banks and other financial institutions.
Monthly service fees
This is a flat rate charged each month to keep your account active. You can expect to shell out around $4 for a no-frills account and more for perks like cheques or unlimited transactions. Some accounts require you to maintain a minimum balance at all times or you’ll incur additional fees…
