Chequing account fees are certain are amount usually charged by banks for failing to maintain a specified balance.

You can easily avoid these fees if you commit to avoiding them. Here are some ways to reduce or eliminate chequing account fees.

1. Open an online banking account

Online banking has become the biggest standard for commission-free accounts in recent years. Most virtual entities have at least one account with no administration fees or basic operations, available to payroll and non-payroll customers. These types of accounts allow you to make transfers and enter checks for free and withdraw money from a large number of ATMs at no cost and enjoy extra benefits such as discounts at stores. In addition, they are accompanied by a free debit and sometimes credit card and allow access to a catalog of savings products that are generally more attractive than traditional banks.

2. Link your accounts

Banks usually waive your chequing account fees if you have a balance of over a certain amount across multiple accounts with them. This is known as a relationship waiver. However, you must meet certain requirements to qualify for fee waiver.

3. Use ATM networks

You will be charged two fees if you use an ATM not affiliated with your bank.

Make sure you use ATMs in your bank’s network to avoid charges. If you frequently use out-of-network ATMs, you might want to switch accounts to one that reimburses out-of-network ATM fees or has in-network ATMs nearby.

This advice is also effective when traveling. Some banks allow their customers to withdraw cash from all ATMs globally at no cost. An advantage that can be very useful during vacation periods or for those continually traveling on business.

4. Activate virtual mail

Receiving correspondence by letter comes at a price. To avoid this bank fee, you just need to notify the bank that you want to receive notifications via the remote bank’s virtual mailbox or by email. In some cases, you can easily access this option on your bank app.

5. The salary account can be a good option

Some banks provide additional benefits if their customers opt for paycheck accounts. These accounts allow for greater customer loyalty as they require the salary to be registered in that account. So if you open a salary account with your bank, you can save a lot of money.

6. Avoid overdrafts

Stay in red numbers; even for a single dollar for just one week can incur more than 35 dollars in overdraft fees, depending on the bank. Very few banks do not apply overdraft commissions. Therefore, the best way to eliminate this fee is to avoid overdrafts.

In case of emergency, you can use certain alternatives that, although not free, can reduce the cost of the operation. For example, applying for a personal loan, as long as it’s cheap and for a short period, may be cheaper than writing an overdraft.

In conclusion

You can incur hundreds of dollars in fees from chequing accounts if you are not careful. To avoid chequing account fees, you will need to have a positive balance and manage your account responsibly.
There are many ways to control bank fees in Canada’s competitive marketplace. You may be able to lower or eliminate your fees if you talk to your bank.