Despite pulling in a combined profit of $8 BILLION in their fiscal second quarters, Canada’s five biggest banks are hiking consumer fees.
Use a non-TD ATM? It will cost you $2 instead of $1. They’ll also ask for $75 if you transfer a tax-free savings account to another bank.
To avoid paying a monthly account fee at CIBC, customers will have to carry a minimum balance of $2,000 instead of $1,000.
Neil Gross, executive director of investor rights group FAIR Canada, says that these changes won’t bother Canadians, as we’re a complacent people, and would rather stay with a big bank instead of exploring a credit union or financial startup.