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Banks Have An Obsession with Cutting Costs Amid Record Profits Sep 10th
The Globe and Mail, Tim Kiladze, 9 September 2018
The extended bull market and booming economy is the stuff investors used to dream of. But for some, it's just not enough.
Coming off a quarter in which they collectively earned an eye-watering $11.6-billion, Canada's largest banks participated in a.... More »
The GTA’s top neighbourhoods + MORE Apr 12th
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Overview
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The best high-interest savings accounts in Canada for 2024 + MORE Dec 16th
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Canada's Big Six banks could get stingy with third-quarter dividend payouts + MORE Aug 21st
Tougher economic conditions have analysts expecting few dividend hikes
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How the Dow Jones industrial average fared on Friday + MORE Dec 3rd
Investors made a small move back to safer assets Friday afternoon after the government’s November jobs report showed continued hiring, but weak wages. Stocks finished little changed as real estate and household goods companies rose, but banks, which have soared since the presidential election,.... More »
Banks Raising Fees Despite Millions in Profits
– ratesupermarket.ca
Bank fees suck. We can all agree on that.
Paying a bank fee – whether per transaction or per a monthly flat rate – can leave us feeling as if our wallets have been gouged. Now, most of the big banks are hiking fees for customers once again, despite posting millions in profits.
What the Big Banks are Bringing in
For TD Bank customers, the charge for a non-TD bank ATM withdrawal is up 50 cents to $2.00 per transaction. TD has also introduced a new $75 dollar fee to transfer your TD Canada Trust TFSA to another institution – a process that used to be free. And perhaps the one that baffles me personally the most: it will now cost TD customers $5.00 to cancel an Interac transfer. Therefore, a transaction that is completed and cancelled online without the help of anyone will cost you $5.00.
As for the others, CIBC has upped its minimum balance to avoid fees from $1000 to $2000 and has upped its transaction cost by 25 per cent. RBC has not made any changes to its fees, but was forced to retract changes to its fee structure last year…
Canadian banks boost fees while profits rise
– moneysense.ca
(Mike Mozart/Flickr)TORONTO – Several of Canada’s biggest banks are upping the fees that they charge customers even as they continue to rake in hefty profits, and experts say Canadians are likely too complacent to do much about it.
TD Bank (TSX:TD) boosted a number of the fees associated with its personal deposit accounts starting March 1, including increasing the cost of using a non-TD ATM to $2 from $1.50.
The lender also introduced a $75 fee to transfer a tax-free savings account to another institution.
3 ways to avoid bank fees »
“We recognize that any changes can be challenging for customers and only after careful review do we increase our prices,” said TD spokeswoman Daria Hill.
“We’re transparent about communicating these changes to our customers and we encourage customers to come and talk to us. There are ways for customers to avoid or minimize the impact of these changes, and we can help guide them to the options that best suit their needs.”
Meanwhile, CIBC (TSX:CM) has since boosted the minimum balance needed to avoid paying a monthly fee for its Everyday Chequing Account to $2,000 from $1,000 and raised the fee for each transaction over 12 to $1…
Banks Raising Fees Despite Millions in Profits
– ratesupermarket.ca
Bank fees suck. We can all agree on that.
Paying a bank fee – whether per transaction or per a monthly flat rate – can leave us feeling as if our wallets have been gouged. Now, most of the big banks are hiking fees for customers once again, despite posting millions in profits.
What the Big Banks are Bringing in
For TD Bank customers, the charge for a non-TD bank ATM withdrawal is up 50 cents to $2.00 per transaction. TD has also introduced a new $75 dollar fee to transfer your TD Canada Trust TFSA to another institution – a process that used to be free. And perhaps the one that baffles me personally the most: it will now cost TD customers $5.00 to cancel an Interac transfer. Therefore, a transaction that is completed and cancelled online without the help of anyone will cost you $5.00.
As for the others, CIBC has upped its minimum balance to avoid fees from $1000 to $2000 and has upped its transaction cost by 25 per cent. RBC has not made any changes to its fees, but was forced to retract changes to its fee structure last year…
3 ways to avoid paying bank fees
– moneysense.ca
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Whenever banks raise fees—and really, how often do you read news of a bank lowering its fees?—Canadians get upset. Understandably so. The Big Six banks rake in a lot of cash in this country.
So when the media recently reported that nearly all of the big banks had raised personal banking fees in the past year, despite raking in record profits, well you can imagine how many of the comments were positive. (“You go, TD!” said no one.)
Some of the recent fee hikes included:
TD: Fees for non-TD ATMs rose 50 cents to $2 on March 1; introduced a fee of $75 to transfer a tax-free savings account to another bank.
CIBC: Raised the minimum balance to qualify for no-fee banking from $1,000 to $2,000 on April 1; also raised transaction fees for its Everyday Chequing Account…
