Sharing Daily Discoveries About Personal Finance And Business Topics

Increasing Bank Fees During Hard Times And Not Moving

There was a bit of news today where apparently a lot of banks have been increasing its service fees for a lot of Canadians which is resulting in even more financial hardship for many. This can add up where not only do people have to pay a monthly fee, but as well various transaction fees have also gone up. Because of that a lot of people are asking the government to step in and do something as it seems like the banks are taking advantage of the situation.

That got me thinking though. There actually are a ton of bank options that have always offered things like free chequing and savings accounts. So it kind of makes me wonder in this case if you are a person who is paying high banking fees to the point where it has a huge impact on your budget is there a reason you wouldn’t just switch?

Items such as switching a cell phone carrier can be different since you need to change numbers and all. But in the cases of a bank account I would have thought that would be more of a straight forward change. What would be your reason not to switch if the fees are getting to be too much? I think the only point I often heard before was that certain banks lacked of ATMs. But nowadays so much is digital.


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