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BankingBanking3 min read
The Banking Fees Young Canadians Pay That They Absolutely Shouldn't
Canadian banks are very good at quietly charging fees. Here are the ones to eliminate immediately.
- 1Monthly account fees: there is zero reason to pay these as a student. Switch to a student plan or an online bank.
- 2Interac e-Transfer fees: Tangerine, Simplii, EQ Bank, and most student accounts offer unlimited free e-Transfers.
- 3ATM fees: your bank charges you ~$2 AND the other bank charges ~$2 = $4 per withdrawal. Use your bank's ATM or switch to one with a bigger network.
- 4Overdraft fees: $5/transaction or more. Set up overdraft protection or keep a buffer.
- 5Credit card late fees: $25–$45 per late payment. Set up autopay to eliminate this forever.
- 6Foreign transaction fees (FX): most credit cards charge 2.5% on purchases in foreign currencies. The Scotiabank Passport Visa has no FX fee.
- 7Inactive account fees: some banks charge fees if you don't use an account. Either use it or close it.