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Are You Sick of Bank Fees?

It’s Thanksgiving weekend here in Canada, and while we’re all spending time with our family and looking back on our blessings, even we as Canadians are known to utter a complaint or two from time to time. When it comes to the bank we deal with, most of us have one major complaint – the amount of fees they charge us! And really, when some are now charging $50 for an NSF cheque, that may not be so surprising. So take a look at these last survey results and see if you agree with them.

According to a survey done by Leger Marketing for PC Financial, a whopping majority of consumers – 71 per cent! – are tired of paying exorbitant bank fees.

And when you take into consideration all those costs banks charge just to hold your money, it’s really no surprise. Not only are there those NSF charges, but there are also monthly charges just to keep your money within that bank, charges for visiting ATMs throughout the month – whether they’re a machine for your bank or not – and some banks are known to charge you just for opening an account; even if that means only requiring that you have a minimum deposit before you do so. As you can see from the chart above, nearly half of Canadians are surprised by these costs, while sadly the majority expect them from just about any bank they deal with.

But are Canadians so fed up with them that they’re going to switch banks? It turns out, most are! 83 per cent of Canadians are looking for other banks, with a lot of them going online to find an alternative to banking. That may be because you can find other banks that either aren’t in Canada, or operate under different rules and regulations because they are an “alternative to a bank,” rather than an actual bank.

But, do incentives help you in your decision in when to make the switch? Lots of banks give these kinds of incentives, whether it’s lower bank fees, a monetary bonus, longer hours, or exceptional customer service. Meanwhile, another majority – 69 per cent of people – said that they don’t need an incentive, and are happy just to leave their bank.

Do you like your bank? What do you think about the fees they charge? Would you ever consider switching, or do you actually like your bank?

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