Thursday Trim the Trash Time: March 16, 2017
Bank Fees and Your Money
Hey there friends. It’s almost Friday. What that means is that it is “Thursday Trim the Trash Time.” In my opinion, it should be everyone’s goal to live on as little as possible. The key words are “as possible.” You obviously have to pay your bills. Apparently, humans require food to live as well. Beyond the necessities, and a few luxuries we all should strive for a minimalist lifestyle. I am going to make it my focus every Thursday to explore things we all can eliminate. Let’s trim the trash baby!
My victim this week is bank fees. It is estimated that the major banks in Canada make between 7-9 million each day in fees. Yes, I didn’t stutter. That’s the 3 bucks you pay when you use the wrong ATM. The 50 bucks you pay when you dip into overdraft. The 25 bucks you pay when you go over your transaction limit. It all adds up and pretty quickly I might add. The banks have created a consistent cash flow because of it.
Imagine you use overdraft once a month. You also use the wrong ATM once a week. You then go over your transaction limit too. Doing that can add up to $1056 a year in fees. These are fees that are completely avoidable. I have made it my mission to have no fee banking and so should you. Set a goal to have the mandatory minimum in your chequing account that will allow for no fee banking. For some banks it is $3000, others $5000. Either way, this sum will serve two purposes. You will pay no fees for your transactions and also have a nice solid emergency fund as well. 2 for 1 baby!!
It is an achievable goal and very helpful. Besides, the banks are rich enough. They don’t need your 3 bucks! Thanks for reading friends. Tune in tomorrow for my final reflections of the week. Happy saving friends!
“A Bank is a place where they lend you an umbrella in fair weather and ask for it back when it rains.” – Robert Frost
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Joseph James Francis is a Financial Advisor. You can find him on various social media platforms and at www.budgetboss.ca.