Comments on: How to Avoid or Reduce Bank Fees http://www.milliondollarjourney.com/how-to-avoid-or-reduce-bank-fees.htm Building Wealth through Saving and Investing Sun, 12 Feb 2012 20:56:43 -0330 http://wordpress.org/?v=abc hourly 1 By: timjim http://www.milliondollarjourney.com/how-to-avoid-or-reduce-bank-fees.htm/comment-page-1#comment-117536 timjim Sat, 18 Dec 2010 15:19:51 +0000 http://www.milliondollarjourney.com/?p=1145#comment-117536 Disgruntled if NSF fees and overdraft fees are your issue then the problem is you not the banks. Disgruntled

if NSF fees and overdraft fees are your issue then the problem is you not the banks.

]]> By: FrugalTrader http://www.milliondollarjourney.com/how-to-avoid-or-reduce-bank-fees.htm/comment-page-1#comment-112898 FrugalTrader Thu, 06 May 2010 18:06:36 +0000 http://www.milliondollarjourney.com/?p=1145#comment-112898 Disgruntled, all banks will have fees for NSF unless you have overdraft protection. By the sounds of it, overdraft will save you a good few bucks every year. Disgruntled, all banks will have fees for NSF unless you have overdraft protection. By the sounds of it, overdraft will save you a good few bucks every year.

]]> By: Disgruntled http://www.milliondollarjourney.com/how-to-avoid-or-reduce-bank-fees.htm/comment-page-1#comment-112893 Disgruntled Thu, 06 May 2010 17:54:06 +0000 http://www.milliondollarjourney.com/?p=1145#comment-112893 F... err. Screw PC financial, their "No Fee" account is full of hidden fees, such as $40 NSF, Overdraft fees, Certified Check fees. If you dont write checks, then maybe they are OK, but if you write even a few checks a month, forget them! I even called to plead my case (the check was written to one of their own accounts, so they took $40 on both sides!) I'm currently checking out ING Direct, I believe they have no NSF fees, that will save me at least $40 a year. F… err. Screw PC financial, their “No Fee” account is full of hidden fees, such as $40 NSF, Overdraft fees, Certified Check fees. If you dont write checks, then maybe they are OK, but if you write even a few checks a month, forget them! I even called to plead my case (the check was written to one of their own accounts, so they took $40 on both sides!)

I’m currently checking out ING Direct, I believe they have no NSF fees, that will save me at least $40 a year.

]]> By: Link Wheels http://www.milliondollarjourney.com/how-to-avoid-or-reduce-bank-fees.htm/comment-page-1#comment-108814 Link Wheels Sat, 26 Dec 2009 04:11:03 +0000 http://www.milliondollarjourney.com/?p=1145#comment-108814 Thanks for the info, I really do pay too many bank fees. I am in Australia and currently use Westpac. When I find time I will switch over to the Bendigo Bank. Anyone here from Australia that could offer any advice? Thanks for the info, I really do pay too many bank fees. I am in Australia and currently use Westpac. When I find time I will switch over to the Bendigo Bank. Anyone here from Australia that could offer any advice?

]]> By: Hilary http://www.milliondollarjourney.com/how-to-avoid-or-reduce-bank-fees.htm/comment-page-1#comment-108669 Hilary Sat, 19 Dec 2009 15:39:44 +0000 http://www.milliondollarjourney.com/?p=1145#comment-108669 TDCanadaTrust offers to waive fees on some accounts when a senior citizen is one of the signatories on the account. Sometime ago I went overseas for a short while and my parents offered to help me administer my mail and bills back in Canada. When we visited the bank to add my parent's names to my chequing account the bank offered to cancel the fees. Since my parents and I all have excellent credit ratings this was a risk free way to eliminate fees. TDCanadaTrust offers to waive fees on some accounts when a senior citizen is one of the signatories on the account.

Sometime ago I went overseas for a short while and my parents offered to help me administer my mail and bills back in Canada. When we visited the bank to add my parent’s names to my chequing account the bank offered to cancel the fees. Since my parents and I all have excellent credit ratings this was a risk free way to eliminate fees.

]]> By: Father of Five http://www.milliondollarjourney.com/how-to-avoid-or-reduce-bank-fees.htm/comment-page-1#comment-108594 Father of Five Wed, 16 Dec 2009 20:59:56 +0000 http://www.milliondollarjourney.com/?p=1145#comment-108594 I have a CIBC "Waive" Chequing Account, which waives all fees at month end if I maintain a balance of $1500. Based on my reading of this blog, looks like CIBC forgot about me because they never change my required balance limit. And I am not about to tell them. Each month I see them waiving about $40 in bank charges. I have a CIBC “Waive” Chequing Account, which waives all fees at month end if I maintain a balance of $1500. Based on my reading of this blog, looks like CIBC forgot about me because they never change my required balance limit. And I am not about to tell them. Each month I see them waiving about $40 in bank charges.

]]> By: Canadian Freedom http://www.milliondollarjourney.com/how-to-avoid-or-reduce-bank-fees.htm/comment-page-1#comment-108593 Canadian Freedom Wed, 16 Dec 2009 20:50:36 +0000 http://www.milliondollarjourney.com/?p=1145#comment-108593 The easiest way to avoid bank fees is to open a line of credit and use it like a bank account. There is nothing that says you cannot keep a positive balance, and the interest you give up is more than offset by bank fees. Another bonus: your "overdraft" rate just got a lot better since overdraft interest rates are generally high. If you don't want to take this option negotiate with your branch. They do have the power to waive fees. The easiest way to avoid bank fees is to open a line of credit and use it like a bank account. There is nothing that says you cannot keep a positive balance, and the interest you give up is more than offset by bank fees. Another bonus: your “overdraft” rate just got a lot better since overdraft interest rates are generally high.

If you don’t want to take this option negotiate with your branch. They do have the power to waive fees.

]]> By: Canadian Freedom http://www.milliondollarjourney.com/how-to-avoid-or-reduce-bank-fees.htm/comment-page-1#comment-108592 Canadian Freedom Wed, 16 Dec 2009 20:46:27 +0000 http://www.milliondollarjourney.com/?p=1145#comment-108592 One of the easiest ways is to open a line of credit for everyday use and use it like a bank account. Your "overdraft" is cheaper (bank overdraft rates are killer) and there is nothing to say you cannot keep a positive balance in your account. Bank fees normally will eat up the pitiful interest you are giving up. Another option is to negotiate with your branch as they do have the power to override bank fees. One of the easiest ways is to open a line of credit for everyday use and use it like a bank account. Your “overdraft” is cheaper (bank overdraft rates are killer) and there is nothing to say you cannot keep a positive balance in your account. Bank fees normally will eat up the pitiful interest you are giving up.

Another option is to negotiate with your branch as they do have the power to override bank fees.

]]> By: Kate http://www.milliondollarjourney.com/how-to-avoid-or-reduce-bank-fees.htm/comment-page-1#comment-108566 Kate Tue, 15 Dec 2009 21:25:07 +0000 http://www.milliondollarjourney.com/?p=1145#comment-108566 Bank fees have gotten me in trouble more than once. A great suggestion to research before signing up for an account. Luckily my chequing account is free and I try to do most of my bill paying online so I can avoid going over the maximum number of free cheques you can write in a month. Bank fees have gotten me in trouble more than once. A great suggestion to research before signing up for an account. Luckily my chequing account is free and I try to do most of my bill paying online so I can avoid going over the maximum number of free cheques you can write in a month.

]]> By: Greg http://www.milliondollarjourney.com/how-to-avoid-or-reduce-bank-fees.htm/comment-page-1#comment-108557 Greg Tue, 15 Dec 2009 19:21:26 +0000 http://www.milliondollarjourney.com/?p=1145#comment-108557 Like @Danny, I also have the National Bank All In One (AIO) account. Mortgage at prime and all extra money in the account offset against the mortgage principle, effectively giving all my money interest at prime. I have to pay to buy cheque books, but I only write about 10 cheques per year, so not a big deal. Like @Danny, I also have the National Bank All In One (AIO) account. Mortgage at prime and all extra money in the account offset against the mortgage principle, effectively giving all my money interest at prime.

I have to pay to buy cheque books, but I only write about 10 cheques per year, so not a big deal.

]]> By: Ms Save Money http://www.milliondollarjourney.com/how-to-avoid-or-reduce-bank-fees.htm/comment-page-1#comment-108541 Ms Save Money Tue, 15 Dec 2009 17:16:06 +0000 http://www.milliondollarjourney.com/?p=1145#comment-108541 @ cannon_fodder - definitely agree with you on that - some banks treat you like you're nothing yet you're providing them business. That's why I bank at a credit union. I used to bank with Washington Mutual and they charged so petty overdraft fees even if it was $1.00. I wasn't very pleased with them and I started banking with Schools First Credit Union & I haven't had one overdraft fee for 7 years now. :) @ cannon_fodder – definitely agree with you on that – some banks treat you like you’re nothing yet you’re providing them business.

That’s why I bank at a credit union. I used to bank with Washington Mutual and they charged so petty overdraft fees even if it was $1.00. I wasn’t very pleased with them and I started banking with Schools First Credit Union & I haven’t had one overdraft fee for 7 years now. :)

]]> By: DannyCanuck http://www.milliondollarjourney.com/how-to-avoid-or-reduce-bank-fees.htm/comment-page-1#comment-108540 DannyCanuck Tue, 15 Dec 2009 17:14:21 +0000 http://www.milliondollarjourney.com/?p=1145#comment-108540 I have the All-in-One (AIO) with National Bank. While the account itself is free regardless, as an engineer, I get 200 free cheques per year for my AIO AND an additional free chequing account (which I can't even find a use for). I also get my open AIO at prime, which is 0.85% off what it would be otherwise. As it is a LOC, all my money is offset against my principal, so I get a return on my balance all month while I use my credit card for every single purchase I can (which means I also get a return via points). If you pay off you credit card balance every month, it's impossible to find a better chequing account IMO - it pays you! If you belong to a professional organization (engineer, nurse, doctor etc), I would strongly recommend checking out NBC. Frugal: You're very right to point out the pitfalls of PC Financial. Buying our house was made extremely stressful because of how excruciatingly long it took to get our money out of our account. That said, it's free, so I blame myself for not thinking further ahead. I have the All-in-One (AIO) with National Bank. While the account itself is free regardless, as an engineer, I get 200 free cheques per year for my AIO AND an additional free chequing account (which I can’t even find a use for). I also get my open AIO at prime, which is 0.85% off what it would be otherwise. As it is a LOC, all my money is offset against my principal, so I get a return on my balance all month while I use my credit card for every single purchase I can (which means I also get a return via points).

If you pay off you credit card balance every month, it’s impossible to find a better chequing account IMO – it pays you!

If you belong to a professional organization (engineer, nurse, doctor etc), I would strongly recommend checking out NBC.

Frugal: You’re very right to point out the pitfalls of PC Financial. Buying our house was made extremely stressful because of how excruciatingly long it took to get our money out of our account. That said, it’s free, so I blame myself for not thinking further ahead.

]]> By: Danny http://www.milliondollarjourney.com/how-to-avoid-or-reduce-bank-fees.htm/comment-page-1#comment-108539 Danny Tue, 15 Dec 2009 17:13:14 +0000 http://www.milliondollarjourney.com/?p=1145#comment-108539 I have the All-in-One (AIO) with National Bank. While the account itself is free regardless, as an engineer, I get 200 free cheques per year for my AIO AND and an additional free chequing account (which I can't even find a use for). I also get my open AIO at prime, which is 0.85% off what it would be otherwise. As it is a LOC, all my money is offset against my principal, so I get a return on my balance all month while I use my credit card for every single purchase I can (which means I also get a return via points). If you pay off you credit card balance every month, it's impossible to find a better chequing account IMO - it pays you! If you belong to a professional organization (engineer, nurse, doctor etc), I would strongly recommend checking out NBC. Frugal: You're very right to point out the pitfalls of PC Financial. Buying our house was made extremely stressful because of how excruciatingly long it took to get our money out of our account. That said, it's free, so I blame myself for not thinking further ahead. I have the All-in-One (AIO) with National Bank. While the account itself is free regardless, as an engineer, I get 200 free cheques per year for my AIO AND and an additional free chequing account (which I can’t even find a use for). I also get my open AIO at prime, which is 0.85% off what it would be otherwise. As it is a LOC, all my money is offset against my principal, so I get a return on my balance all month while I use my credit card for every single purchase I can (which means I also get a return via points).

If you pay off you credit card balance every month, it’s impossible to find a better chequing account IMO – it pays you!

If you belong to a professional organization (engineer, nurse, doctor etc), I would strongly recommend checking out NBC.

Frugal: You’re very right to point out the pitfalls of PC Financial. Buying our house was made extremely stressful because of how excruciatingly long it took to get our money out of our account. That said, it’s free, so I blame myself for not thinking further ahead.

]]> By: cannon_fodder http://www.milliondollarjourney.com/how-to-avoid-or-reduce-bank-fees.htm/comment-page-1#comment-108491 cannon_fodder Tue, 15 Dec 2009 02:26:03 +0000 http://www.milliondollarjourney.com/?p=1145#comment-108491 I would encourage everyone to vote with your dollar. If your bank doesn't want your business (i.e. they treat you as a supplier of money rather than a valued customer) take your business to a financial institution that is willing to demonstrate their desire for you to join them. Higher value customers (e.g. high balance mortgages, greater than Prime loans, credit cards, investments) will get preferential treatment. Use that to your advantage and deal with branch managers face to face. Establish a working relationship. I can't tell you how well that has worked for me - and I do 99% of my banking at the ATM or online! I would encourage everyone to vote with your dollar. If your bank doesn’t want your business (i.e. they treat you as a supplier of money rather than a valued customer) take your business to a financial institution that is willing to demonstrate their desire for you to join them.

Higher value customers (e.g. high balance mortgages, greater than Prime loans, credit cards, investments) will get preferential treatment. Use that to your advantage and deal with branch managers face to face. Establish a working relationship.

I can’t tell you how well that has worked for me – and I do 99% of my banking at the ATM or online!

]]> By: The Financial Blogger http://www.milliondollarjourney.com/how-to-avoid-or-reduce-bank-fees.htm/comment-page-1#comment-108484 The Financial Blogger Tue, 15 Dec 2009 01:23:05 +0000 http://www.milliondollarjourney.com/?p=1145#comment-108484 I work for one! hehehe! seriously, I would still get free banking by using my HELOC as my checking account (I can split them into multiple accounts). I work for one! hehehe!

seriously, I would still get free banking by using my HELOC as my checking account (I can split them into multiple accounts).

]]> By: Morgan http://www.milliondollarjourney.com/how-to-avoid-or-reduce-bank-fees.htm/comment-page-1#comment-108483 Morgan Tue, 15 Dec 2009 01:17:44 +0000 http://www.milliondollarjourney.com/?p=1145#comment-108483 I'm just getting started in financial planning, and I almost fell out of my chair when I saw our monthly fees at Scotia. I won't say what it is, but let's just say I could have a lot of goodies free from TD with the amount we spent - and still be farther ahead than with Scotia. I'm heading into RBC tomorrow to see if they'll waive the fees. If not, it's off to PC Financial. I’m just getting started in financial planning, and I almost fell out of my chair when I saw our monthly fees at Scotia. I won’t say what it is, but let’s just say I could have a lot of goodies free from TD with the amount we spent – and still be farther ahead than with Scotia. I’m heading into RBC tomorrow to see if they’ll waive the fees. If not, it’s off to PC Financial.

]]> By: Stuart http://www.milliondollarjourney.com/how-to-avoid-or-reduce-bank-fees.htm/comment-page-1#comment-108480 Stuart Mon, 14 Dec 2009 23:51:57 +0000 http://www.milliondollarjourney.com/?p=1145#comment-108480 I go into my bank every 6 months or so to renegotiate the rates on my lines of credit, etc. Has anyone gone in lately? I am currently paying prime +1.5 on an unsecure line of credit and would like to get it below 1%. I have $0 debt, but have my line of credit on stand-by just in case I don't have enough idle cash for my TFSA in January. I go into my bank every 6 months or so to renegotiate the rates on my lines of credit, etc. Has anyone gone in lately? I am currently paying prime +1.5 on an unsecure line of credit and would like to get it below 1%. I have $0 debt, but have my line of credit on stand-by just in case I don’t have enough idle cash for my TFSA in January.

]]> By: Laptop Briefcases http://www.milliondollarjourney.com/how-to-avoid-or-reduce-bank-fees.htm/comment-page-1#comment-108473 Laptop Briefcases Mon, 14 Dec 2009 21:04:43 +0000 http://www.milliondollarjourney.com/?p=1145#comment-108473 In the past I wasted far too much money on bank fees. I assumed that the banks would simply charge whatever they wanted and I had no choice in the matter. I thought other banks would simply charge similar fees. Last time I went to talk to a bank representative I was quite surprised when they offered me a chequing account with basic fees waived. I think I should keep pestering them to see what else they will give me. In the past I wasted far too much money on bank fees. I assumed that the banks would simply charge whatever they wanted and I had no choice in the matter. I thought other banks would simply charge similar fees. Last time I went to talk to a bank representative I was quite surprised when they offered me a chequing account with basic fees waived. I think I should keep pestering them to see what else they will give me.

]]> By: mp http://www.milliondollarjourney.com/how-to-avoid-or-reduce-bank-fees.htm/comment-page-1#comment-108472 mp Mon, 14 Dec 2009 21:03:57 +0000 http://www.milliondollarjourney.com/?p=1145#comment-108472 I have a TD Infinity account that waives the $12.95 monthly fee if the balance is over $3,000. So the $3,000 is my float. I never go below it, never pay fees. Haven't paid a bank fee in the two years since I became debt free. I have a TD Infinity account that waives the $12.95 monthly fee if the balance is over $3,000. So the $3,000 is my float. I never go below it, never pay fees. Haven’t paid a bank fee in the two years since I became debt free.

]]> By: Finance Matters http://www.milliondollarjourney.com/how-to-avoid-or-reduce-bank-fees.htm/comment-page-1#comment-108469 Finance Matters Mon, 14 Dec 2009 17:37:33 +0000 http://www.milliondollarjourney.com/?p=1145#comment-108469 I use the TD account and keep >5k balance. I use the TD account and keep >5k balance.

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