How to save more – Worthfy Financial Literacy Counselling

That darn monthly fee again!

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!”

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?”