It’s pretty easy to get angry at banks.
After all, they basically take the money you worked your butt off to earn all week and then charge you to access it. They call this a “service,” and now Canadians will be paying even more for it.
Almost all of the major financial institutions are hiking fees even after they raked with billions in profit in the second quarter of 2016. Which means you might actually be “poorer than you think” by the end of the year, despite what Scotiabank would have you believe.
TD Canada Trust
If you have a look at this document from TD, you’ll notice that fees have gone up across the board, so keep in mind that we’re only pointing out some of the changes (this applies to all the banks covered in this article).
- Using an ATM that is not owned by TD will now cost you $2 per transaction, up from $1.50
- Transferring a TFSA to another financial institution will now cost customers $75 instead of $0
- Cancelling an Interac e-transfer will come with a $5 charge, up from $0
Scotiabank’s new fee hikes don’t come into effect until August 1, so you still have time to prepare for them.
- The fee associated with a cash advance will rise from $2.50 to $3.50, assuming it’s processed inside of a Scotiabank location within Canada. Otherwise, fees will be even higher
- Annual fees for safety deposit boxes will rise anywhere from $5 to $50, depending on the size of the box
- The minimum balance required to have the monthly fee waived in the CIBC Everyday Chequing Account rose from $1,000 to $2,000
- Withdrawing money from an ATM or at a branch will cost you $0.25 more
- Online bill payments and e-transfers will also cost $0.25 more
The good news is, there are ways to get around some of these fees. In the case of TD, for example, we’d recommend staying away from any non-TD ATMs. But there are also banks that don’t charge customers just for holding their money. PC Financial offers a No Fee Bank Account while Tangerine offers a No Fee Daily Chequing account.
Otherwise, unless you’re willing to stash all of your money under your mattress, it looks like you might be at the mercy of the banks.