That said, Tangerine, which is owned by Scotiabank, and Simplii Financial, owned by CIBC, offer many of the advantages of traditional banking, including access to, respectively, the Scotiabank and CIBC ATM networks, Castaldo notes.Īnd while changing your chequing account may seem like a hassle, saving on fees can be well worth the effort, Engen says.Ī 2018 survey by Ratehub suggests the average millennial has so far shelled out $760 in banking fees over her or his lifetime. Another potential pitfall is having to wait a few business days for a money order or bank draft, a delay that could be “critical” if you need to make an offer on a house, he adds. Still, it’s important to read the fine print and make sure any no-fee accounts you’re considering have all the functionalities you need, Castaldo says.įor example, not all online-only accounts come with a debit card, Engen notes. The Financial Consumer Agency of Canada (FCAC) also has a handy online Account Comparison Tool that includes the option to search for accounts that charge no monthly fees. You can research and compare chequing accounts available in your province on sites like Ratehub or RATESDOTCA. Among the names mentioned by Engen and Castaldo are Tangerine, Simplii Financial, EQ Bank and Motive Financial. “When pricing changes are made, we look to provide our customers with ways to avoid or minimize the impact of these changes by selecting other options that may better meet their needs,” the bank also said, adding, “we also encourage any customer experiencing financial hardship as a result of the pandemic to contact us directly about ways we can help.” “Most existing account holders have moved to other accounts,” the bank said, adding that, “the majority of remaining Preferred Chequing Account holders are not impacted by the change in the minimum monthly balance, which is a way for them to avoid paying account fees.” TD, for example, told Global News it hasn’t offered its Preferred Chequing Account to customers since 2001. “We saw banks increase their fees to bring them in line with the fees of products that are in market today,” Castaldo says. Many of the fee increases were for legacy accounts that the banks no longer offer to new customers, says Mikael Castaldo, general manager of everyday banking at financial products comparison site Ratehub.ca. And the fee hikes come despite all six of the big banks recently posting profits that topped analysts’ expectations. And Scotiabank announced fee increases on several of its bank accounts as of March 1.Ĭanadians have been notified of the planned increases even as the economy has yet to fully recover from the financial impact of COVID-19, with the third wave of the pandemic reversing employment gains in the parts of the country. CIBC is upping monthly account fees on its CIBC Smart Account, CIBC Everyday Chequing Account and CIBC EverydayPlus Account starting July 1.īMO, meanwhile, has raised the monthly account fees on a number of its everyday banking products effective May 1.
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TD, for example, has increased the transaction fee on its TD Canada Trust Preferred Chequing account from $1.25 to $1.95 and raising the minimum monthly balance for waiving those free from $2,000 to $5,000. But a little more than a year later, some big-bank customers have been getting letters in the mail announcing a range of fee hikes on their chequing accounts. When the COVID-19 pandemic hit Canada, Canada’s big six banks were quick to allow mortgage payment deferrals and other relief measures for customers struggling financially. Send this page to someone via email email.
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