Some banks require customers to open a chequing account when they open a line of a credit. The objective is to gain the sweet recurring revenue from the monthly fee of the chequing account. Some people use line of credit as an emergency fund. The interest rate is so high, so the cost of borrowingContinue reading “That darn monthly fee again!”
Category Archives: Banking
Do you need overdraft insurance?
Someone asked me whether it is necessary to buy overdraft insurance that costs $5 per month. It is a very nice recurring revenue for the bank with very high profit margins. The bank doesn’t need to do anything and just collect money. Once, I was charged $40 insufficient fund fee because I made a mistakeContinue reading “Do you need overdraft insurance?”
$20 bank fee per month!
If you are still paying the bank fee, perhaps you could consider whether to switch to a no-fee bank account from an online bank whose overhead cost is much lower than the brick-and-mortar ones. I just heard $20 per month for a chequing account with one of the big five banks in Canada. The feesContinue reading “$20 bank fee per month!“
Where is the no-fee business bank account?!
I can’t find one in Canada unfortunately. Here is my journey to open my first business bank account. I didn’t expect the twist and turn. Experts advise that we should separate business finance from personal finance to avoid confusion. Therefore, I need to open a business bank account and a business credit card. This way,Continue reading “Where is the no-fee business bank account?!”
Worthfy Financial Literacy Counselling 