No Fee Banking

Consider no fee daily banking accounts. It can be a lot of work to switch initally but the offerings are great. Here in Canada we have PC Financial which has been operating for 10 years. It actually works via CIBC- funny enough you can't get a no fee banking account with them. So it allows you to use all PC and CIBC banking machines. PC machines are located at PC product supermarkets. It also allows you to earn points while grocery shopping-a bit of an added bonus. The average daily banking account fee is around the $12.50 range, which is an annual savings of $150.00. Over ten years you'll hand the bank $1500.00 unnecessarily.


We signed up for our no fee banking account with President's Choice Financial. It will take a little while before we can move everything over. We have to gather all of the account information for all of our bills, etc. and have faxes ready to send out.

Also, we have to pick a time when many payments are not going to and from our account causing a problem. The bulk of our bills are from the 30th- the 8th of the month, so right after that we'll probably transition everything over. It's a bit of work but hey we get to keep our $13.95/month. Annual savings: $167.40, 10 year savings: $1674.00 + plus we'll earn PC points towards groceries or other products. Money we are already spending on our weekly grocery bill.