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CANADA'S SAVINGS WON'T GROW ON FEES
Read our open letter to Canadians, as it appeared in 5 major daily newspapers.
These days, every penny counts. With interest rates lower and investments uncertain, these are challenging times for Canadians who want to make their savings grow.
So it's hard to understand how some banks and credit card companies could choose now to add to their customers' burden of fees and service charges. Without much fanfare, many financial institutions are increasing the fees they've always charged, and adding new ones where you wouldn't expect them. Some are shockingly high, like the fees certain banks have introduced for the new Tax Free Savings Account. Even with ordinary savings accounts, you can easily find yourself charged enough for a single withdrawal to wipe out months of earned interest.
Not every fee is unfair, of course. Some services really do cost money for banks to provide. But financial institutions aren't always up front about fees and service charges. It's not always obvious what you get for your money. And you get the feeling that some of these charges are just a way to pad the bank's bottom line without really giving the customer anything in return. That's not right.
This ad isn't leading up to a sales pitch. We just think that the subject of fair fees is more important than it's ever been for Canadian savers, and it's time to talk about it. If you think so too, then we want to challenge you to take three simple steps:
So it's hard to understand how some banks and credit card companies could choose now to add to their customers' burden of fees and service charges. Without much fanfare, many financial institutions are increasing the fees they've always charged, and adding new ones where you wouldn't expect them. Some are shockingly high, like the fees certain banks have introduced for the new Tax Free Savings Account. Even with ordinary savings accounts, you can easily find yourself charged enough for a single withdrawal to wipe out months of earned interest.
Not every fee is unfair, of course. Some services really do cost money for banks to provide. But financial institutions aren't always up front about fees and service charges. It's not always obvious what you get for your money. And you get the feeling that some of these charges are just a way to pad the bank's bottom line without really giving the customer anything in return. That's not right.
This ad isn't leading up to a sales pitch. We just think that the subject of fair fees is more important than it's ever been for Canadian savers, and it's time to talk about it. If you think so too, then we want to challenge you to take three simple steps:
- Add up what you pay your bank. If you keep a budget - and every saver should - think of fees and service charges like you would a monthly utility bill. Keep track of every one of them, from transaction fees to ABM charges to credit card fees. Know what you spend, and ask yourself if you're getting good value for it.
- Make your bank accountable. If you're surprised by a fee, or you wonder what you're getting for it, ask the bank. If the answer seems reasonable, then at least you know. If it doesn't, remember that you have choices.
- Speak up. If you have an opinion about bank fees and service charges, shout it out. You can start by visiting fairfees.ca, where you can add your voice to those of other savers like you, and find resources to take your message directly to those who need to hear it.
Banks aren't supposed to get in the way of growing your savings. We think the best defense against that happening is a vigilant customer.
Thanks for taking the time to read this.
Peter Aceto
President and CEO
