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How to Save on Chequing Account Fees in Canada?

No matter what a Canadian does, they cannot escape the never-ending fees associated with their chequing account. If you haven’t already noticed, monthly bank fees add up, especially if you look at the costs over the long term.

Unfortunately, we cannot avoid all bank fees, but we can look at ways to reduce them.

Don’t Withdraw From Other ATMs

To avoid paying unnecessary fees, always make withdrawals at your own bank’s ATMs. You’ll end up paying a couple of dollars every time you use an ATM from another bank, and although it might seem like small amounts, you’ll get shocked when you add it up for the year.

If you’re unable to get to your bank’s ATM, consider asking for cash back while you’re out shopping at a retail store with your debit card.

If ATM fees are too high for you, consider switching banks to one with many branches near your home and work.

Keep a Minimum Monthly Balance

Some banks will relinquish your monthly fee if you at all times maintain a certain amount in your account. This isn’t always an easy thing to do. If you struggle to maintain a minimum balance in your account, consider getting a no-fee cheque account with zero minimum balance requirements.

Prevent Transactional Fees

You can avoid transactional fees by completing banking transactions either online, telephone banking, or mobile. Some banks will offer these types of transactions free.

You can also save a couple of dollars a month by going paperless and getting your monthly mail delivered to you via email.

Prevent Bounced Cheque Fees and Overdrafts

Banks offer overdraft protection plans to allow account holders to use their bank accounts even if their balances are zero. These transactions include using debit cards or writing cheques. In simple terms, the bank gives you a loan for the short term, so your transactions don’t get rejected for insufficient funds.

Overdraft fees are very high as you can get charged per transaction or charged per day irrespective of the number of transactions you make. If possible, try to avoid overdrawing your account.

Other Ways to Save on Your Chequing Account Fees

There are other ways to save on your chequing account fees. These include the following:

  • Make fewer withdrawals to reduce the number of transactions in your account. If this is unavoidable, switch to an account that offers unlimited transactions a month.
  • Pay your bills via telephone banking or online. Some banking institutions will allow these types of transactions free of charge.
  • Research various banks and compare their monthly chequing account fees. If necessary, switch banks to accommodate your needs.

Conclusion

Multiple options are accessible to you if you don’t want to pay hefty monthly bank fees. Do your research and compare various banks and their features and fees. You might find one that offers you low to zero fees with more services that apply to you.

Be diligent with keeping your costs to a minimum, and you will get to save in the long run.

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