How to Avoid Bank Fees in Canada
Identify common account fees and practical ways to reduce them.
By Connect First Guide Editorial Team
Audit a recent statement
Identify recurring fees and charges for transactions you actually use. Compare the annual cost of the account rather than only one month.
Ask which fees can be avoided
Review lower-cost plans, transaction allowances and waiver conditions. Turn on available alerts to reduce unexpected charges.
Before you decide
- Read the current product agreement and full fee schedule.
- Confirm the legal provider, eligibility and applicable protection.
- Keep the terms you relied on and note questions for the provider.
Further reading
A practical example
An account with a fee waiver may require you to retain a balance. Consider whether that condition fits your cash needs, not just the fee it might save.
Questions to ask the provider
- Which charges recur on my statements?
- Can I change plans?
- What conditions apply every month?