Unpacking Canadian Banking Fees

In this episode of Strictly Money, host Saijal Patel and Ratehub.ca’s Natasha Macmillan discuss a recent report comparing banking fees in Canada to those in the U.K. and Australia. Discover the startling discrepancies in fees for basic banking services and explore how they impact the everyday consumer. From monthly account fees to non-sufficient funds charges, learn why Canadians are paying more and what solutions might exist to alleviate the burden.------------------⏰Timestamps: 00:00 - 03:15: Introduction to banking fees in Canada03:15 - 06:12: Truths about Monthly fees and minimum balances06:12 - 09:27: How ATM cash withdrawal fees work09:27 - 12:44: Factors contributing to high fees in Canada12:44 - 15:54: Government initiatives vs other countries15:54 - 18:57: Bundling banking products18:57 - 21:56: What is Open Banking and how does it work 21:56 - 27:03: Importance of credit card choice-------------GUEST LINKS & RESOURCES: https://www.ratehub.caMore about open bankingLEARN MORE ABOUT BMO ETFS (SPONSOR)-------------------------Saijal Patel, CFA, is a former CNBC and BNN journalist and passionate financial wellness advocate. She's bringing Strictly Money directly to you via YouTube, Apple Podcasts, Spotify and where ever you get your podcasts.Connect on LinkedIn: https://www.linkedin.com/company/saij-elle/Follow on X: https://twitter.com/strictlymoneytvGet in touch: https://saijelle.com/contact-us/Join Saij Elle’s FREE Money Masterclass for Women: https://courses.saijelle.com/master-class/