It's time to have the talk about bank fees.
Why are you still paying them? Really, why?
Why It Doesn't Make Sense For Me To Pay Bank Fees
So, as you can tell: I don't think you should pay for bank fees when you're a millennial, like me. Let me explain.
I did some research on the Big Banks we have in Canada and how they've been pricing their chequing accounts.
For a chequing account that lets you have unlimited transactions, you'll have to pay about $15 per month for an account.
Now, doesn't sound like much, right? When you think about it, it's about an hour and a half of your time at work per month to have a bank account (assuming we use the $11.60 minimum wage in Ontario, as of today). In a year, it's $180.
Now, when was the last time you visited a branch?
We all know our generation has their life online, in one way or another. We shop online, we talk online, we date online: we are the generation of the internet.
See, I don't remember the last time I visited a branch (except when I was working there)! I do all my banking online: e-Interac transfers, bill payments, pre-authorized withdrawals, you name it! When I have some extra cash or need cash, I just visit the ATM.
Further, if a bank is going to hold my money, I expect them to pay me interest. After all, you are essentially lending your hard earned money to the bank, right?
Unfortunately, in this business environment, they don't pay you anything for cash in your chequing account. And they expect you to pay a monthly fee on top of that to keep the account... Now, I don't worry about that because I get paid, each and every month for holding my money.
And sure, there are banks that tell you if you hold a minimum balance, they'll waive the fee. But here's the problem: for those of us working hard to grow our savings, where are we going to get that minimum $5,000 balance to waive the fees?
I've found a wonderful bank that actually meets all my needs.
Full disclosure: no, I am not affiliated with them, but I do have a bank account with them along with owning their stock and other bank stocks in Canada.
And that bank is...
The chequing account that I have and that they offer has:
So, seriously, what else do you need? If you already find yourself doing all your banking online, why not do it free while getting the most out of it!
Open up a chequing account with my code 43902500S1 so you can get a $50 bonus when you sign up and deposit $100 in your account. Best 50% return I've every made! You can make it too.
Why am I sharing this? Because I want us to move forward together with our banking needs. We need to take control of our finances. Always look for smart, efficient and effective ways of doing things, especially with our money.
Sign up now! Next time, let's talk about a savings account that actually helps you save and make money!
See you then.