Beware of the evil bank fees! Banks will try to charge you for every little thing, so you’ve got to be on top of them every month. When they send you a statement, look at it. Most people don’t, but if you do, you’ll be able to keep track of what they’re doing, and then take advantage of the situation to keep more money in your pocket.
Bank Tip #1: See if the chequing account package you’re using is worth what it’s costing you. Some banks have limited choices in packages, like CIBC. You either pay $3.95 for 10 transactions a month, or $12.95 for unlimited transactions. Other banks, like TD Canada Trust, have a variety of packages that allow you to choose a better package for yourself. Take a look at your monthly statement and count up the number of transactions. This includes all withdrawals, bill payments and transfers to other accounts. Then take a look at your bank’s choices and see if there’s a better one for you.
Bank Tip #2: Don’t be scared to call up your bank and ask for explanations for things. A lot of the time they will actually help you out, but you have to ask first. They’re not necessarily going to offer up the information to you willingly, so just ask and see what happens.
Bank Tip #3: Don’t be bullied into anything you’re not comfortable with or don’t understand. Before signing anything with the bank, ask all the questions you want, it’s your right. And if something feels a little off to you, don’t do it!
That’s all for today kiddies. Stay tuned for more.
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