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I have a Cibc checking account and they charge 3.90$ for 10 transaction, if you keep 1000$ they waive the 3.90$ a month but if you make more then 10 transaction you still and up paying some fees, so i opened a Ing direct Thrive checking account with no fees ever and they actualy pay you 0.25% in interest.
 

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Hmmm... I have a CIBC chequing account and noticed that I no longer get charged anything once I started keeping a few grand in there. The details show that I am charged a service charge which varies from month to month and immediately after that I am refunded that same amount. For January my service charge was over $10 but I was then credited that same amount so I paid nothing.

Looking at their chequing accounts, it seems that the Everyday Chequing Account has a fee of 3.90 which is waived if you keep at least $1000 in there and you get 10 free transactions but you still pay 0.65 per transaction above 10. However I definitely do more than 10 transactions per month and am still refunded the service charge every month so I don't know. I just looked at all their chequing accounts listed on their website and none of them seem to match the behavior of mine, so maybe I have some other type of chequing account which is no longer available (I think I opened my account about 10 years ago).
 

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I despise bank fees. Always have, always will. Have used PC financial and ING for years, have never paid any fees and couldn't be happier with their service. I have a TD savings acct to transfer funds to TDW but only pay fees if I withdraw more than 2x/month from it.
 

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It's one of my personal finance failures. I'm with CIBC right now, and if I let balance drop to less than $1500, I have to pay about $5 to $8. This happens quite a few times a year. I have been meaning to switch to PC Financial, but have been procrastinating.
 

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I don't like bank fee's either so I don't pay them. I have all 4 of my accounts plus tfsa's set up so no fee's are paid. Ing is a no brainer and at td if i keep 500 in my savings it is unlimited, and if i keep 1000 in my checking it is unlimited.
If you look hard and get to the bottom of fee structures there is often a way around fee's.
 

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Having $1000+ tied up in a chequing account instead of savings or some other investment is criminal. RBC lets your chequing account be free if you open up a TFSA worth at least $100 with them. Bank fees are $4 per month, so your savings return on your $100 is 48% for one year.

I only leave $5 in my RBC chequing account, and have the rest in their high interest savings, ready to transfer when I need it. Pay for everything with a VISA, TD though because it receives cash back instead of points.

All of this is less complicated than it sounds. The only minor problem is that I only had $14900 of TFSA contribution, but at least that $100 is earning some interest and saving some bank fees.
 

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I have a Cibc checking account and they charge 3.90$ for 10 transaction, if you keep 1000$ they waive the 3.90$ a month but if you make more then 10 transaction you still and up paying some fees, so i opened a Ing direct Thrive checking account with no fees ever and they actualy pay you 0.25% in interest.
It's funny, but I did the same thing. I only keep my CIBC account until I get my first tax return to ensure that I updated my account info with CRA.
 

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It is true that banks charge obscene interest/penalty/transaction fees, however, it is also true that some customers misuse their account, so in that regard, the customer also has a responsibility and should be well versed with the bank's terms and conditions and avoid fees & penalties whenever possible.

My bank recently announced a $20 charge for going over one's PLC; I could be wrong, but I suspect this charge came about as a result of many going over their limit. It doesn't make sense to me that banks should allow you to go over your limit in the first place as I'm sure programming could take care of that, but the fact remains that if you do and have been made aware of the penalty, then it's your fault.

Best way is to be a shareholder!
 

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I have a no-fee chequing and savings account for people 25 and younger so no fees for me.

Plus, I'm with a credit union, so they pay me at the end of the year with dividends and shares. Yes, I get paid to do business with my bank :)
 

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I keep $5000 in the TD Select Service account. Yes, it's $5K that's earning nothing, but from what I get, it's more than worth the ~2% ($100 before tax) in lost interest. The main benefits I use are:

-free TD gold elite visa, which has a free auto club for me and a secondary card holder ($100/year savings from not having to get CAA)
-free international PLUS ABM withdrawals (usually costs $5 each). I travel a lot, and use this extensively
-free safety deposit box ($45/year)
 

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I had the same CIBC chequing for the better part of the last 2 decades. As long as I kept $1000 in it, no fees. So I kept the account even after switching most of my banking to PCF.

I missed it in January, but noticed in February that I was now paying $3.90 in service fees. The teller told me the new limit was $1500.

Hasta la vista CIBC. Closed the account immediately and basically had to raise my voice to the teller as she wouldn't stop trying to convince me to stay. The amount of money a bank spends to gain a customer, versus retain a customer - quite a gap. The teller didn't offer me anything accept a lousy low interest savings account. Didn't offer to reverse the charges or anything. So over the last 5 years CIBC has lost my: savings, chequing, LOC, Visa, any chance to get our mortgage (even when we renewed). I now maintain $8.44 in my USD account with CIBC. You'd think they'd learn that they could have $500,000 (and growing) of our business if they simply didn't insist on a) charging service fees and b) changing the terms of my account with them.
 
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