Don't like paying bank fees? You have options.
If you're unhappy with the account fees you're paying, you're not alone, but there are many options available to you. According to the Canadian Banking Association, there are over 100 bank accounts available to Canadians, including some with no monthly fees.
It is very common to hear Canadians complain about the monthly fees associated with their bank accounts. Unfortunately, the lack of concern when it comes to taking action about these fees seems to be just as common. For most of us, the financial institution we frequent ends up being the one our parents used, the one that was the closest or the most convenient. At the same time, however, many of us are paying an exorbitant amount each year just to have a bank account.
With the availability of online and mobile banking, including the ability to check balances, pay bills and keep up to date, many Canadians are gravitating towards so called "virtual lenders". Quite a few of these lenders offer their clients no-fee accounts.
For those who wish to keep their bank accounts at the financial institution they are familiar with, there are still options to cut costs on monthly fees. Have a look at the options your current bank offers on their website. You may be surprised at how much you can save. In addition, the Financial Consumer Agency of Canada offers a bank account selector on their website that can assist you in finding the account that suits your needs best.