Comments on: Switch and Save

By: Tracy J

Tracy J — Tue, 03 Jun 2008 00:43:09 +0000

I BEAT YOU!!!! I just switched my account to a “no-fees” one last week! ( I just gave myself a nice little pat on the back - and a virtual hug to you) Your lessons must be sinking in if I can anticipate them!
The good news is after shopping around to different banks, no one could match my current Credit Union, so I just shifted accounts within the same branch. It took 10 minutes and everything swapped over effortlessly.(I can even use the old checks). I just to keep a balance over a certain amount for the most benefits. Everything over my monthly budget is easily transferred into another no-fee account that has a really super interest rate (and I can only withdraw once a month, so I really need to be aware of what I need it for!).
I can’t believe the services that are available out there for people that take the time to look.

By: Angela

Angela — Mon, 02 Jun 2008 23:10:19 +0000

In the last 10 years I’ve switched banks 3 times (The old Canada Trust –> TD (which later becomes TD Canada Trust) –> HSBC –> PC Financial). Gail, I’m speaking from my experience: I don’t think switching banks is that difficult at all. And I agree with you: people don’t switch because they are lazy.

By: Melaniesd

Melaniesd — Mon, 02 Jun 2008 12:56:53 +0000

Gail you are so right about people paying rediculous fees, and it really is just laziness or not paying attention.

Often what happens is people open the accounts and don’t take the time to re-visit if the account package is still the right fit for them. When peple have had accounts for 5, 10, 15+ years, life changes and their needs change. If you are paying high fees, call your bank and discuss your account package. Is there another package that would be a better fit? Often you can change to something else without having to change your account numbers or pre-authorized debits/credits.

You can also take Gail’s suggestions. Look at a few months worth of bank statements and add up your various transactions and transaction types. Then visit your bank’s website to see for yourself what other accounts they offer.

Do you do a lot of debit purchases? Maybe you need unlimited transactions on your account for a fixed cost.

Only cash your cheque and use cash? Maybe there is a no monthly fee account with minimum withdrawls for free.

If you are frequently using another bank’s ATM because your bank’s ATMs are not convenient then you may want to switch banks or pre-plan your cash withdrawls. Get cashback at the grocery store or other merchants who offer that service.

There are a lot of ways to save money on your banking. The first steps are to take the time to educate yourself on your options. Then call your bank! There are a lot of us “bankers” who would be happy to talk about your accounts and products and see what we can do to set up with the best package for you and help you save some money too. : )