How to find the best deal out there
Keehn said people should sit down once a year to go over their bank account cash flows and shop around for better deals.
She said figuring out your spending pattern can help you find a chequing account that’s best suited to your needs. That means assessing factors such as the number of times you’re using your debit card per month, withdrawing cash from a different bank’s ATM, writing cheques and how often you visit the bank branch.
Keehn said most bank fees can be negotiated if a customer is in good standing or has multiple products with the lender.
“If you’ve got a few products with your bank—maybe a credit card, mortgage, line of credit, RRSP—call them up and see if they will either waive the fees or discount the fees,” she said.
Some financial institutions will also waive the monthly account fee if the customer maintains a specific minimum balance.
For instance, Scotiabank waives account fees if a customer maintains a daily closing balance of $6,000 for the entire month.
Macmillian adds that whenever you’re charged a fee by your bank, make sure you know what it’s for.
“If you are looking at a specific fee that you’ve been charged, I have found it’s actually personally helpful to call the bank directly and have them kind of explain some of those fees,” Macmillan said.