Banking fees: what they are and how to avoid them.

Banking shouldn’t feel confusing or full of surprise charges. But for many people, especially if you’re new to banking in Canada or just getting comfortable with your finances, some common fees can catch you off guard. This guide breaks down a few everyday banking fees, what they mean, and how to avoid them when possible.

Statement print fees.

When this happens:
You ask your bank for a printed copy of your statement—maybe for immigration, a sponsorship application, or to access community support programs.

Why the fee:
Printed statements are available on request, but are not included with most accounts by default. Online banking offers free access to digital statements, but not everyone uses or prefers that option.

View the full service charge bulletin to learn more.

Credit card interest charges.

When this happens:
You pay off what you spent on your credit card but your bill is higher than expected.

Why the fee:
If you don’t pay your full credit card balance by the due date, interest charges can apply. These charges may be based on the full balance, not just what’s left. Even small unpaid amounts can lead to interest costs.

View the full service charge bulletin to learn more.

Transaction limit fees.

When this happens:
You make more transactions than your account allows in a month and see an extra charge.

Why the fee:
Some accounts include a limited number of monthly transactions, like debit purchases, bill payments, or transfers. Going over that number results in additional fees per transaction.

View the full service charge bulletin to learn more.

NSF (non-sufficient funds) fees.

When this happens:
A scheduled payment, like a phone bill or loan payment, tries to go through, but your account doesn’t have enough money to cover it.

Why the fee:
When a payment is declined due to insufficient funds, a fee may be charged. If you’re signed up for overdraft protection, the payment may still go through, but other fees or interest may apply.

View the full service charge bulletin to learn more.

Overdraft fees.

When this happens:
You spend more money than is in your chequing account, and the bank covers the difference.

Why the fee:
Overdraft protection allows a payment or purchase to go through, even if your balance is too low. However, interest is charged daily on the amount you’ve overdrawn, and these charges are billed later. Signing up for a line of credit may help ease your burden if you frequently overdraft.

View the full service charge bulletin to learn more.

e-Transfer fees.

When this happens:
You send an e-transfer and see a fee you weren’t expecting.

Why the fee:
Some accounts include free e-Transfers. Others charge a small fee per transfer or after a certain number per month. These charges depend on the type of account you have.

Find an account with free e-Transfers

A final thought: know your account.

Every account is a little different. What’s included with one might cost extra with another. That’s why it helps to:

• Use online banking or your app to track transactions and balances.
• Get familiar with your account features and limits.
• Ask questions—banking is for everyone, and learning is part of the process.

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