Ouch! Watch those banking fees
‘Canadians are paying an average of $21.50 monthly or $258 a year in banking fees on their main chequing account, a new survey shows.
This, despite options that allow 13 per cent of customers to pay nothing, another 14 per cent to pay $6 monthly or less, and 58 per cent to pay between $6 and $20, according to findings recently released by Coast Capital Savings.
Only 15 per cent pay more than $20, but the high monthly average arises in part because people are confused about the extra fees charged every time they use an automatic teller machine not owned by their financial institution, said Lawrie Ferguson, vice-president of the credit union.’
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