Oyetunji Abioye
The biting economic recession in the country has made not only companies
 but individuals to adopt various cost-cutting measures.
Cost of banking is one of the major costs that need to be reduced in this
 period of economic downturn.
According to www.cba.ca, there are many different ways to reduce the 
bank service fees that you pay. Service fees, which can be a 
monthly fee along with transaction fees, depending on your account, 
are based on the principle that customers should pay a reasonable fee 
for the services they use.
Here are some tips on reducing your service fees and finding the account package that best meets your needs, according to www.cba.ca:
  • Maintain a minimum balance
It’s possible to avoid monthly service fees if your bank waives these fees when you maintain a minimum monthly account balance. If you have additional products with that bank, ask if it offers rebates on service fees.
  • Ask for senior’s discounts if you qualify
Do you qualify for a senior’s account? Many banks offer free or 
discounted banking to those who are over 59 or 60. If your bank 
doesn’t know your age, you may need to ask for the senior’s discount. 
Check with your bank to see if you qualify. Seniors receiving the
 Guaranteed Income Supplement are entitled to a basic bank account at no cost.
  • Ask for youth or student accounts
Banks offer basic bank accounts with no monthly fees for younger customers 
and students. Check with your bank to see what accounts it offers.
  • Use cheaper online banking services
There are accounts available that offer discounts or even free banking if 
you use only online services.
  • Plan your withdrawals
How many times do you withdraw funds at a bank machine? If your account package has a limited number of withdrawals, make fewer but larger withdrawals to save on fees.
  • Take advantage of cash back
Did you know that many retailers offer cash back options at no additional 
charge when you pay with your debit card? Pay for your purchases and 
get cash from the retailer to avoid extra bank transactions, or if you can’t 
make it to your own bank or your own bank’s machine.
  • Avoid convenience fees
Use only your own institution’s Automatic Teller Machines. You’ll save on 
fees that the other bank machine owners charge to use their machines.
  • Sign up for a low or no-fee account
Sign up for a low or no-fee account if you only have a few transactions 
each month. Check whether your account package is still suited to your
 needs. If you use more than the number of transactions allowed by your 
current plan, you may be paying per transaction charges over and 
above your monthly package cost. A different service fee plan that may 
appear to cost a bit more each month may save you in the long run by 
eliminating extra per-transaction charges.
  • Check if your account package is suited to your needs
If you use more than the number of transactions allowed by your current
 plan, you may be paying per transaction charges over and above your monthly
 package cost. A different service fee plan that may appear to cost a bit
 more each month may save you in the long run by eliminating extra
 per-transaction charges.
  • Shop around
Shop around for a banking package with lower or no fees. It’s easy to 
compare the banking packages available using the online interactive 
Account Selector Tool. The tool compares close to 100 different account
 packages.
  • Consider overdraft protection
Do you frequently write a cheque that bounces and pay NSF (i.e. 
not sufficient funds) charges? If so, you may want to consider
 applying for overdraft protection. The small monthly charge may turn out
 to be less than you are paying in the NSF charges. And some financial
 institutions levy the overdraft charge only in months when you actually 
use the overdraft, so there could be additional savings there. Ask your 
bank or shop around to find an arrangement that works for you. 
source:PUNCH.