Sick and Tired of Bank Fees

As I await the egg industry lawsuit Statement of Defense positions to be revealed, I’m taking a peek at a different industry – one I’m sure is near and dear to many readers – the banking industry.  In Canada, every quarter I read the astonishing profit reports for all the major banks in Canada such as the most recent quarterly report from my bank, TD Canada Trust that reported its fourth-quarter profit was up 58% compared with the same time last year, an increase of 1.57 billion.  I know that I’m just a small cog in their big wheel, but these huge profits, piss me off, especially since customers of every bank get ‘service charged’ for everything.  I have often commented to my bank manager that I’m sure there will come a day when there is a jar with a slotted lid where customers are required to drop a fee in the jar just for going through the bank door.  Sounds ridiculous but no more ridiculous than paying a fee to take MY money out of MY bank account!  And don’t get me started on the fees applied if someone is applying for a mortgage!  First there’s the cost of an appraisal which is a joke, especially if it’s simply the process of a bank employee driving by the property to value it.  Really!  How can banks charge for this?  And why do customers tolerate it?   And don’t forget the title report, title and/or mortgage insurance, administration fees out the rear end, annual ‘review’ fees, mortgage registration fees, annual renewal fees of the mortgage and the list goes on and on!

Day to day banking fees include lovely items such as:

–        Withdrawal fees

–        Transaction fees

–        Cheque charges

–        ATM fees

–        Utility payment fees

–        Bank Draft fees

–        Certification fees

–        Cash handling fees

–        Wire Transfer fees

–        Debit Card Fees

–        Overdraft Fees

–        Closing Your Account Fee

And this is just scratching the surface!

On more than one occasion, I have discovered errors that my bank has made in the day-to-day operation of my bank account.  Most of these errors were minor but still needed correction.  My bank manager was surprised when I invoiced him with an ‘Error Fee’ when I reported the error to them and asked for a correction.  He didn’t seem to understand why I was entitled to collect a fee.  Was he kidding?  Regardless, I proceeded to tell him why I expected a payment for reporting the error and had the discussion in front of many of the staff and customers.  Maybe that explains why some of the bank staff go for a break when I enter their doors?  And this is the bank that is supposed to ‘greet’ customers when they arrive.  Am I paying a ‘greeting fee’ for that too?

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2 Comments

Filed under Agriculture, Business

2 responses to “Sick and Tired of Bank Fees

  1. GEORGE

    CASH IS GOOD!!! IT SEEMS THE MORE THEY CHARGE THE MORE MISTAKES THEY MAKE.IT’S JUST A TYPO TO THEM. JUST A COMA IN THE WRONG PLACE 1,000 OR 10,000 OOPS THEY USE TO CATCH THESE MISTAKES NOW THEY DON’T.I WENT TO A DIFFERNT BRANCH THEN I NORMALLY GO.MADE A DEPOSIT.$5000 IN SOMBODY’S ACOUNT. I FOUND IT.NO I’M SORRY NO NOTHING!! PUT IT IN YOUR MATRESS !

    • hoosierincanada

      George,

      When I find errors like that, I create an invoice for my time in catching and correcting the bank’s error and deliver or send it to my branch. In most cases, I am paid for my services. I figure that banks charge me for everything they do – I’m entitled to charge them when I do their work.

      Thanks for the comment!

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