• Chequing Account

Chequing Account Fees

Before opening a bank account, it is very important to consider the banking fees and charges as there are many options available to Canadians. Whenever you plan on opening a bank account, start by conducting a research of different banking institutions and find one that best suits your needs. In Canada, banks offer accounts with different options and specials. Therefore making a comparison between them especially when it comes to account fees is important.

Chequing accounts are very convenient for daily banking needs. The best thing about chequing accounts is there are many banks and financial institutions offering no fee chequing accounts.

The different types of chequing account fees    

Before opening an account it is very important to know and understand what fees you'll be paying for the services. These are the 4 types of fees one is likely to pay when opening a chequing account:

  • Transaction fees – is the amount charged to account holders that are associated with purchasing a debit card, paying bills and withdrawing cash. Individuals who are known to transact a lot within a month are advised to be paying a flat monthly fee as opposed to being charged every time they transact.
  • Service fees – this refers to the amount charged to account holders for moving money between accounts, requesting for monthly statements and for updating your balance.
  • Minimum balance fee- some banks charge a certain fee in situations where your account balance falls below a certain predetermined amount. However, if you maintain your account above the stipulated minimum balance, you do not get to pay any fees.
  • Fees for NSF cheques – this is the amount charged to your chequing account in case you write a cheque and do not have enough money in your account. Most people refer to it as a bouncing cheque. In Canada, account holders are not allowed to write cheques knowing very well that it will bounce eventually. In fact, it is illegal by law.

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