How to find the best deal there
Keehn said people should sit down once a year to check their bank accounts and shop around for the best deals.
He said that figuring out how you spend money can help you find the right checking account for your needs. That means checking factors such as the number of times you use your debit card per month, withdrawing cash from a different bank’s ATM, writing checks and how often you visit a bank branch.
Keehn said most bank loans are negotiable if the customer is in good standing or has multiple products with the lender.
“If you have a few products at your bank—maybe a credit card, a mortgage, a line of credit, an RRSP—call them and see if they’ll waive fees or reduce costs,” she said.
Some financial institutions will also waive the monthly account fee if the customer maintains a certain minimum balance.
For example, Scotiabank waives account fees if a customer maintains a daily closing balance of $6,000 for an entire month.
Macmillian adds that whenever you’re charged a fee by your bank, make sure you know what you’re doing.
“If you’re looking at some of the fees you’ve been charged, I’ve found it helpful for me to call the bank directly and explain some of those fees,” Macmillan said.
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