Learn more about Canada’s top banks rates, rules and the latest news – read on!
Latest News
Best No-Fee Bank Accounts in Canada + MORE Oct 6th
Tired of paying monthly fees when you bank? If so, you may want to consider switching to a no-fee bank account. Unfortunately, Canada’s big banks offer little in the way of free chequing accounts, unless you can maintain a high balance in your account each month.
If you’re willing to con.... More »
Fintech platforms outpace bank brokerages in new survey Apr 9th
Fintech companies are leading in client satisfaction compared with self-directed brokerages at traditional banks, a new report shows. A JD Power survey on investor satisfaction found fintechs aren’t just winning on consumer satisfaction but are also perceived to be more innovative and equally .... More »
The best GIC rates in Canada for 2025 Dec 22nd
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate m.... More »
Inflation and investments: Heads up if you’re retired or retiring soon Jan 17th
The year 2022 was the one when inflation morphed from a minor concern to a major worry for investors, especially those hoping to retire sometime in the not-too-distant future. While central banks are well into their programs to curb inflation through periodic rises in interest rates, it could take t.... More »
The best GIC rates in Canada for 2024 Jun 25th
Investing
The best GIC rates in Canada
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
Compare highest rates
Why trust us
MoneySense is an award-winning.... More »
NSF Fees: How They Work and Ways You Can Avoid Them
– canadianfinanceblog.com
Let’s face it; no one likes getting charged bank fees. It’s one of the main reasons online banks have surged in popularity in recent years. But even online banks charge NSF fees. If you’re unfamiliar, here’s how NSF fees work and how you can avoid them.
What Is an NSF Fee?
A non-sufficient fund, or NSF fee, is charged by your financial institution when you don’t have enough funds to cover a cheque or pre-authorized debit on your bank account. This is known as a bounced cheque or bounced payment. Banks charge NSF fees on a per-item basis – so at $45 each, multiple NSFs can prove to be costly.
Why Are NSF Fees Charged?
NSF fees serve a couple of purposes. First, they cover the administrative costs incurred by the bank to return the non-sufficient funds item. Also, NSF fees act as a disincentive for customers to leave their accounts with insufficient funds. The good news is that there are ways to avoid NSF fees, which I’ll cover a bit later.
NSF Fee Examples
NSF fees aren’t that complicated, but here are a couple of examples to clarify any confusion…
What Is an NSF Fee?
A non-sufficient fund, or NSF fee, is charged by your financial institution when you don’t have enough funds to cover a cheque or pre-authorized debit on your bank account. This is known as a bounced cheque or bounced payment. Banks charge NSF fees on a per-item basis – so at $45 each, multiple NSFs can prove to be costly.
Why Are NSF Fees Charged?
NSF fees serve a couple of purposes. First, they cover the administrative costs incurred by the bank to return the non-sufficient funds item. Also, NSF fees act as a disincentive for customers to leave their accounts with insufficient funds. The good news is that there are ways to avoid NSF fees, which I’ll cover a bit later.
NSF Fee Examples
NSF fees aren’t that complicated, but here are a couple of examples to clarify any confusion…
