Okay, who’s fed up about bank fees? I am sure everyone out there is pretty much unhappy about this situation.
WHY Shouldn’t They?
Every quarter, you see the banks trumpeting their BILLION DOLLAR RECORD PROFIT.
Now they’re saying that there’s not enough profit so they would be charging you more fees each month. You get basically near ZERO interest on the money deposited. The banks justify that they have to charge you for the convenience of depositing your money (pay bills etc) while they use that deposit to leverage and create more profit.
What’s really funny is this, a colleague of mine was reading this article about bank fees increasing at RBC on the Globe And Mail website, just right below it another article pops up trumpeting RBC’s record profit! Wow. Yes, that’s great logic and reasoning for the hike in bank fees. Sure, not enough profit. Okay. $2.3 B is not enough…really? Let’s be fair, I like RBC and I have great colleagues working there. I am not just picking on RBC since every bank is doing this “increase bank fees” routine.
Banks increase bank fees
Let me get this straight though so that I can understand the reasoning for the increased in fees.
Back in the old days when my parents went to the bank, they had:
full teller service and even had their own personal banker (PB)
they paid all their bills at the teller or their PB (which requires more human resource than today)
mailed paper statments
free cheques and even certified cheques or drafts
gifts were given as an enticement to bank there
internet or telephone banking
conversion to digital statements (pdf email etc)
reduced services involving human interaction without fees
minimum monthly amount for no fee or limited transactions
debit fees, cheque fees, money order fees etc.
BMO, RBC Customers Brace for Wave of New Banking Fees
Okay, so less service, less freebies and absolutely no interest earned.
Am I the only one that thinks this whole thing is just WRONG?? The consumer is padding the bank profits with this nickel & dime routine by making it become a status quo to charge consumers each month to have the same convenience (albeit less service as our parents) .
However, I am glad that I have had the luxury of having a bank account that has NEVER charged me a monthly fee to this day. I have done all my bill payments and many automatic payments taken out of that account each money with absolutely NO monthly fee EVER. I want to share this and many more “secrets” that the bank doesn’t want you to know that will save you thousands.
Of course you can do this with any of the “online only” banking service like PC Financial, Tangerine (formerly ING Direct) or for those lucky to have grandfathered accounts (extinction will come soon as banks find ways to kill those accounts sooner or later).
No I am talking about having an account where you can have:
unlimited transactions (PAC/PAD)
unlimited debit use
unlimited bill payments
absolutely ZERO minimum balance required
I have been using these accounts for many years at different retail banks without incurring monthly fees. Zilch!
How you might ask? Anyone can do it, but there’s a catch. You need to have really good credit to be able to get this account set up. (Bad credit? Fix it here: how-to-rebuild-your-credit-after-bankruptcy-consumer-proposal )
Here’s the secret: get a small personal line of credit and have it attached to your bank card as “chequing account” and use it just like a chequing account. As long as you do NOT go into the negative (use up the credit available to you), you will never incur 1 cent of service charge or interest.
I have set this up successfully at major banks and credit unions and have used it over the years. Time to get rid of those useless chequing account since very few people even use cheques nowadays. You can always get pre-authorized debit or payment forms from the bank whenever you need to put money into or taken out of that account just like a normal chequing account. Matter of fact, some banks even give you some free cheques to start because they WANT you to use the line of credit.
There is a saying, “Wealth isn’t about how much you make but how much you save.”
Why contribute to the banks’ record profits when you can put that into your family’s financial future? Want to know more secrets that they don’t want you to know?
You can learn more about other uncommon knowledge that the banks do not want you to know. Go grab a copy of my best selling book on Amazon where I share more secrets that the banks do not want you to know that will save you thousands of dollars! http://amzn.to/1RxnExJ
I believe in abundance and giving. Please feel free to share any of my articles to your friends and family or anyone that could benefit from what I have written. I love helping people from Surrey, Burnaby to Vancouver as a mortgage broker. I am passionate about helping people have the upper hand when they are financing their home, business, mortgage for their investment property or commercial building. Please leave feedback as I enjoy reading your replies as much as I write these articles. Thank you for taking the time to read my words, I appreciate you. www.SharingBankSecrets.com
Sua Truong helps alleviate stress for his clients throughout the challenging process of financing their property so that they can enjoy their life and focus on their family or their business. His integrity is the cornerstone of what he does and why he has been so successful in such a short period of time as a mortgage broker. In just under 5 years, he has become the #1 Mortgage Broker in his community. He currently mentors other entrepreneurs and mortgage brokers how to stand out and be outstanding. This way anyone can become the #1 Go-To Expert in their community.