A popular commercial says, “If you want to stop paying chequing fees, stop paying chequing fees!”
Well there are a lot of people still paying banking fees who shouldn’t be or don’t have to anymore.
A Global viewer wrote me complaining that his bank didn’t tell him he was eligible for an account plan with no monthly fees at age 59.
He is now 63 and when he went to the bank and asked them why he wasn’t told, he says he the answer was the no-fee plan was an option and he had to request it.
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He asked for a credit to cover 4 years of fees and was offered one year totaling $119.
This a common problem and one I have reported on in the past.
This type of policy is not regulated and each bank has different no-fee options and handles them differently.
It is written in pamphlets and in some branches front line staff will make customers aware of the policy.
This viewer feels customers should get a notice in their bank statement.
U of C Retail Marketing expert, Lynne Ricker, says you should review your bank accounts regularly, not just when you turn 60.
Banks have different account and service fee packages not only based on age but on banking and spending habits.
The number of withdrawals or cheques and the minimum balance can affect your monthly costs.
If you want to review the account options offered by different banks you can compare them at the Financial Consumer Agency of Canada.
http://www.fcac-acfc.gc.ca/eng/index-eng.asp
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