2.2.6 Control your fees

Most accounts include some fees, whether a monthly account fee, individual fees per transaction or both. (Some no-fee accounts are available, but they may include only limited services.) Some common fees your financial institution might charge you are:

Some accounts charge a monthly fee that lets you do several transactions for one price. If you pay a lot of individual service fees, you may find that a monthly fee will provide the services you use at less cost. Also, you may be able to reduce fees by making one larger withdrawal per week instead of several small ones.

Ask your financial institution what fees they charge your account. They may have an account available that will provide the services you need at less cost. Or, if you want to find out what other financial institutions offer, including banks, credit unions, caisses populaires and trust companies, go to the Financial Consumer Agency’s Account Comparison Tool. The tool will tell you what various financial institutions charge for accounts in your province or territory.

See the video, Banking tips, for more information.

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