A monthly fee is a regular charge that banks apply for maintaining a chequing or savings account. It typically covers access to account services, debit transactions, and customer support.
What It Covers
- Account access: Day-to-day banking services such as withdrawals, deposits, and transfers.
- Transaction limits: Some accounts include unlimited transactions, while others charge extra beyond a set number.
- Bundled services: Premium accounts may include perks such as free e-Transfers or ATM reimbursements.
How to Avoid It
Banks often waive monthly fees if you maintain a minimum balance, set up direct deposits, or qualify for student or senior accounts. Comparing account types can help reduce or eliminate these costs.
Final Thoughts
Monthly fees are common in banking, but they are not unavoidable. Choosing the right account or meeting fee-waiver requirements can make everyday banking more cost-effective.