2017-12-04 20:03:36 UTC
I was chatting with a store clerk the other day and the profits that the banks were making off Canadians came up - because it had been in the news the day before.
I mentioned the Royal Bank which had made over $11 Billion dollars profit in a single year. The clerk mentioned that that was her bank and she had recently experienced this: She accidentally incurred an overdraft of approximately 50¢ and the Royal Bank charged her $50 for the overdraft - even though they covered it by transferring money from another one of her accounts. I was flabbergasted.
Today I took the time to check online what the Royal Bank fees currently are, and sure enough:
$45 for the NSF and an additional $5 for 'handling' !!
Why would ANYONE be using these banks to do their banking? If there weren't alternatives, I might understand this, but for cryin' out loud - there ARE alternatives, and they're just as convenient and they have even free services for those over 50 or if you are a student:
Sick of bank fees? Here are some alternatives
Get smarter with your money.