Learn more about Canada’s top banks rates, rules and the latest news – read on!
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Good habits that can help you improve your credit score Jan 1st
You probably know you should care about your credit score, but do you know why? Simply put, this three-digit number can either help or hurt you in your journey towards financial wellbeing—and it can have far-reaching effects.
Your credit score affects your chances of getting approved for a cre.... More »
Are your deposits at Canadian financial institutions safe? + MORE Jun 10th
Ask MoneySense
We live in Ontario, and in light of the current banking problems in the U.S., we are a bit concerned about our investments.
They are held at three different banks at the moment and are largely in GICs and high-interest savings accounts.
We are aware that up to $100,000 is insure.... More »
The best credit cards in Canada for 2023 Nov 14th
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The best credit cards in Canada for 2023
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.
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.... More »
The best travel credit cards in Canada for 2023 Nov 24th
Credit Cards
The best travel credit cards in Canada for 2023
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.
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.... More »
The best American Express credit cards in Canada for 2023 + MORE Nov 1st
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The best American Express credit cards in Canada for 2023
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.
Find my perfect card*
.... 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…