{"id":95843,"date":"2025-10-21T09:48:49","date_gmt":"2025-10-21T13:48:49","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=95843"},"modified":"2026-03-06T15:16:33","modified_gmt":"2026-03-06T20:16:33","slug":"understanding-bank-fees-and-how-to-save-on-your-bank-fees","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/understanding-bank-fees-and-how-to-save-on-your-bank-fees\/","title":{"rendered":"Understanding Bank Fees &#8211; And How to save on your bank fees"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Bank fees could be one-time charges for services or ongoing fees for maintaining your account.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Banks charge fees to cover security and service costs \u2013 from fraud protection to mobile apps to in-person advice.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Bank fees varies&nbsp;for different clients,&nbsp;widely depending on&nbsp;their&nbsp;banking habits and services used.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>There are several ways to avoid or reduce bank fees \u2013 it starts by choosing an account that matches your banking habits and life stage.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-bank-fees\">What are bank fees?<\/h2>\n\n\n\n<p>Bank fees are charges you might pay for using certain banking services. Some are one-time fees (like getting a bank draft), while others show up monthly (like account maintenance). These fees can apply to things like ATM withdrawals, account transfers or simply keeping your account up and running.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-so-why-do-banks-charge-fees\">So, why do banks charge fees?<\/h3>\n\n\n\n<p>Running a bank costs money. Fees help cover the cost of things like fraud protection, customer service and keeping your accounts secure.<\/p>\n\n\n\n<p>For Canadians who bank with RBC, for instance, those fees help provide access to valuable tools, expert advice and everyday perks that can make managing money easier.&nbsp;Guidance from advisors, 24\/7 customer support and best-in-class technology, such as&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/mobile\/feature\/nomi\/index.html\" data-dig-id=\"LP-95843-7108c957\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"NOMI\" class=\"rbc-link-format\">NOMI<\/a>&nbsp;\u2013 a digital money management assistant \u2013 are just some of the benefits clients can access to get more out of their banking experience.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-much-do-canadians-pay-for-bank-fees-in-a-year\">How much do Canadians pay for bank fees in a year?<\/h3>\n\n\n\n<p>Most Canadians pay somewhere&nbsp;between&nbsp;$200 and $300 a year&nbsp;in bank fees \u2013 but the range can vary a lot. It all depends on&nbsp;the type of account&nbsp;you have, how often you use it and whether your account matches your actual banking habits.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-banking-fees-explained\">Banking fees explained<\/h2>\n\n\n\n<p>No matter what kind of account you have, chances are you\u2019ll run into a few bank fees along the way. But what are they for, and how much might they cost you? Here\u2019s a quick look at some of the most common types of bank fees Canadians pay.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-monthly-maintenance-fee\">Monthly maintenance fee<\/h3>\n\n\n\n<p>This is the fee that comes with keeping your account up and running every month. It covers the essentials \u2013 things like security and service. Some banks will waive it if you keep a certain amount of money in your account.<\/p>\n\n\n\n<p>You may also qualify for&nbsp;reduced or waived fees&nbsp;depending on your relationship with your bank and whether you fall into certain client groups. For example, newcomers receive a one-year fee waiver with the&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/chequing-accounts\/advantage-banking.html\" data-dig-id=\"LP-95843-02b4f79e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"RBC Advantage Banking account package\" class=\"rbc-link-format\">RBC Advantage Banking account package<\/a>. And youth under the age of 25 pay no fee with&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/youth-student-banking\/advantage-banking-students.html\" data-dig-id=\"LP-95843-98b1291e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"RBC\u2019s Advantage Banking for Students account\" class=\"rbc-link-format\">RBC\u2019s Advantage Banking for Students account<\/a>&nbsp;\u2013 even if they\u2019re no longer in school.&nbsp;RBC also offers no-fee options for children 12 and under, seniors 65+ and RDSP beneficiaries.<\/p>\n\n\n\n<p>For standard accounts without fee waivers, monthly fees typically range from $4 to $30 a month, depending on the account.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-transaction-fee\">Transaction fee<\/h3>\n\n\n\n<p>Transactions include things like sending an e-Transfer, paying a bill or buying something with your debit card. Some accounts include a set number of free transactions every month \u2013 after that, there\u2019s a fee for each additional one. The exact fee depends on the type of transaction.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-atm-fee\">ATM fee<\/h3>\n\n\n\n<p>Withdrawing cash from your bank\u2019s ATM is usually free. But if you\u2019re using an ATM that\u2019s outside of your bank\u2019s network, you could get charged a fee \u2013 either from the ATM provider, your bank or both.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-service-fees\">Service fees<\/h3>\n\n\n\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/banking-services\/additional-account-services.html\" data-dig-id=\"LP-95843-cbe3a978\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Service fees\" class=\"rbc-link-format\">Service fees<\/a>&nbsp;are charged for special requests or extra things that fall outside standard day-to-day banking. Examples might include fees to get a paper statement printed, to&nbsp;cancel a pre-authorized payment&nbsp;or to&nbsp;send wire transfers.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-nsf-non-sufficient-funds-fee\">NSF (non-sufficient funds) fee<\/h3>\n\n\n\n<p>This fee is charged when there isn\u2019t enough money in your account to cover a payment \u2013 like a cheque you\u2019ve written, a pre-authorized debit or a bill payment \u2013 and the transaction gets declined. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-overdraft-protection\">Overdraft protection<\/h3>\n\n\n\n<p>Overdraft protection is one way to avoid an NSF fee. This is a service that prevents your transactions up to your approved limit from being declined when you don\u2019t have enough money in your account to cover them. So, instead of a bill payment, purchase or cheque getting rejected, any shortfall (up to a certain limit) will be covered by your bank. Many banks charge a standard monthly fee for this service (often around $5\/month), plus you\u2019ll get charged overdraft interest if you use it.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-foreign-transaction-fee\">Foreign transaction fee<\/h3>\n\n\n\n<p>This is a fee charged when a purchase is made in a foreign currency \u2013 like buying something from a U.S. website or using your debit card on vacation outside of Canada. It\u2019s usually around&nbsp;<strong>2.5%<\/strong>&nbsp;of the purchase amount and gets added on top of the exchange rate.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-additional-banking-fees\">Additional banking fees<\/h3>\n\n\n\n<p>There are a few other banking fees you may come across. Here\u2019s a rundown of some common ones.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p><strong>Credit card fees<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc mar-l mob-mar-l\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Annual fee:<\/strong>&nbsp;This is the fee you pay once a year to keep your card&nbsp;active. The more benefits that come with your card \u2013 such as rewards, insurance or travel perks \u2013 the higher your fee will tend to&nbsp;be&nbsp;(There are also no-fee credit cards and RBC offers rebates on eligible credit cards with select bank accounts).<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Additional card fee:&nbsp;<\/strong>This is a fee for adding a second user to your credit card account. Not all cards charge this fee, but some do.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Late payment charge<\/strong>: Late payments can cause interest charges \u2013 with most credit cards, interest ranges between 20% and 23%. The amount you pay will depend on your outstanding balance.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Over limit fee:<\/strong>&nbsp;Some cards will charge you a fee if you go over your credit card limit (and haven\u2019t cleared it with your credit card issuer first).<\/p>\n<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p><strong>Investment account fees<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc mar-l mob-mar-l\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Account fee:<\/strong>&nbsp;Many investment accounts come with a monthly or annual fee to keep your investment account&nbsp;open&nbsp;. If you maintain a minimum balance, this fee may be waived.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>With investment accounts at RBC, we do not charge an account fee.&nbsp;Also RBC Direct Investing does not charge maintenance fees.Trading fee<\/strong>: This is the fee charged for making a trade through your investing account. Many platforms have a flat fee for online and mobile trades, which may be reduced if you make over a certain number of trades in a month. Some platforms offer commission-free trading.&nbsp;<strong>RBC does not charge a fee for trading mutual funds.&nbsp;There is no fee charged for a purchase of GIC.<\/strong><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Management fee<\/strong>:&nbsp;If you work with an advisor, this is the fee for them to manage your portfolio. It\u2019s usually based on a percentage of the assets you have with them.&nbsp;&nbsp;&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>In addition to a standard investment account, RBC also offers an account with a sliding fee structure, generally built for clients well into their investment journey \u2013 the Investment Advantage Account.<\/strong><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-save-on-bank-fees\">How to save on bank fees?<\/h2>\n\n\n\n<p>There are a few ways you can avoid \u2013 or at least reduce \u2013 the fees that may arise when using your bank account. Here are some tips on how to&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/banking-services\/save-on-bank-fees.html\" data-dig-id=\"LP-95843-ec14ec38\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"save on bank fees\" class=\"rbc-link-format\">save on bank fees<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-choose-the-right-account\">Choose the right account<\/h3>\n\n\n\n<p>A&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/chequing-accounts\/find-chequing-account.html\" data-dig-id=\"LP-95843-d4531d1c\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"bank account that fits you\" class=\"rbc-link-format\">bank account that fits you<\/a>&nbsp;\u2013 from your banking habits to your life stage \u2013 can help you save on fees. For instance, if you\u2019re a senior, student or newcomer, you can cash in on rebates or special savings. Consider, too, choosing a High-Interest Savings Account if you\u2019re looking for somewhere to park some cash. The interest you earn could balance out any fees you pay.<\/p>\n\n\n\n<p>Also, more low-fee and no-fee options are on the way this year, offered by financial institutions that have signed a&nbsp;<a href=\"https:\/\/www.newswire.ca\/news-releases\/canadians-to-benefit-from-enhanced-free-and-low-cost-bank-accounts-later-this-year-826032652.html\" data-dig-id=\"LP-95843-ed8b281f\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"modernized commitment on low-cost and no-cost accounts\" class=\"rbc-link-format\">modernized commitment on low-cost and no-cost accounts<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-review-the-account-s-terms-and-conditions\">Review the account\u2019s terms and conditions<\/h3>\n\n\n\n<p>Does your&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/what-is-a-chequing-account-and-how-do-i-use-it\/\" data-dig-id=\"LP-95843-a75618b9\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"chequing account&nbsp;\" class=\"rbc-link-format\">chequing account&nbsp;<\/a>come with 12 free debits in a month? Try to manage things so that you don\u2019t go over that limit. Can you get eStatements at no cost? Consider ditching the paper statement that probably costs extra. Understanding what\u2019s included with your account \u2013 and what\u2019s not \u2013 is key to saving on fees.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-make-use-of-value-added-services\">Make use of value-added services<\/h3>\n\n\n\n<p>Remember, banking fees cover things like professional advice and useful mobile apps, which are designed to help you make the most of your money. Using these services can help you manage your cash, leverage financial opportunities and avoid potential shortfalls. In some cases, they can even help you avoid other fees \u2013 like overdraft charges or late payment penalties \u2013 by keeping you informed and on track.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-keep-the-required-minimum-balance\">Keep the required minimum balance<\/h3>\n\n\n\n<p>If your account is one that waives the monthly fee when you maintain a certain balance, try to make that amount your baseline. Just remember to consider the interest you\u2019re earning. If it\u2019s low, your money could be working harder in a High-Interest Savings Account or investment, where the results could make up for any fees you\u2019re&nbsp;paying.<\/p>\n\n\n\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/images3.cmp.optimizely.com\/Zz1iNmIyMjJlMmFhZjkxMWYwOGE2M2VlNjg4MjI4NjdkNg==\" alt=\"Star outline\" width=\"22\" height=\"22\">RBC accounts do not have a minimum balance requirement.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-look-for-rebate-opportunities\">Look for rebate opportunities<\/h3>\n\n\n\n<p>Some banks offer fee waivers or rebates if you hold multiple products with them. With the&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/value-program.html\" data-dig-id=\"LP-95843-98aac176\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"RBC Value Program\" class=\"rbc-link-format\">RBC Value Program<\/a>, for instance, you can pay as low as $0 per month for your enrolled account when you have other eligible RBC products and do simple activities like direct deposit.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-regularly-review-your-statements\">Regularly review your statements<\/h3>\n\n\n\n<p>Checking your statement can help you spot fees you weren\u2019t expecting, such as extra transaction or ATM fees or monthly charges for services you don\u2019t use.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-set-up-direct-deposit\">Set up direct deposit<\/h3>\n\n\n\n<p>Some bank accounts&nbsp;waive the monthly fee&nbsp;if you have a regular direct deposit set up for your paycheque or government benefits.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-stick-to-your-bank-s-atms\">Stick to your bank\u2019s ATMs<\/h3>\n\n\n\n<p>Using your own bank\u2019s ATMs is usually free. But if you use another bank\u2019s machine, you\u2019ll likely get hit with a fee from both banks \u2013 yours and theirs. Sometimes it\u2019s unavoidable, but if you can, make a habit of using your own bank\u2019s network to avoid those extra charges.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-review-account-fees-with-your-bank\">Review account fees with your bank<\/h3>\n\n\n\n<p>Feeling like you\u2019re overpaying for your account? Why not reach out to your bank? They may be able to bring down your monthly fee, suggest a different account that could save you money or otherwise reward you for your loyalty.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-bundle-services\">Bundle services<\/h3>\n\n\n\n<p>The more services you have with a bank,&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/value-program.html\" data-dig-id=\"LP-95843-6daffc08\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"the more you may be able to save\" class=\"rbc-link-format\">the more you may be able to save<\/a>. For instance, having a bank account, mortgage and investment account at a single institution could lead to waived or discounted monthly fees.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-digital-bank-trade-offs\">Digital bank trade-offs<\/h3>\n\n\n\n<p>Digital banks often have lower fees because they don\u2019t have the overhead of branches. That means they can offer no monthly fees, free e-transfers and even better interest rates. But there are trade-offs:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc mar-l mob-mar-l\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>No in-person service<\/strong>: If you ever need face-to-face advice or help with something more complex, support might be limited to chat, email or phone<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Depositing cash can be tricky<\/strong>: No branch or ATM network means you might need to send an e-Transfer or mail in a cheque to get new money into your account<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Withdrawing can cost you<\/strong>: Using another bank\u2019s ATM can mean paying out-of-network fees. Even if your bank reimburses you, you\u2019ll likely still get charged from the ATM provider<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-set-up-bank-alerts\">Set up bank alerts<\/h3>\n\n\n\n<p>Text and email alerts from your bank can let you know when a pre-authorized payment is about to come out, a deposit is made, or your bank balance dips below a set level. How does this help? Notifications that tell you what\u2019s going on with your account give you the opportunity to avoid NSF charges, overdraft interest or fees for going over your transaction limit.<\/p>\n\n\n\n<p>These alerts can also help you avoid fraud, with a real-time view of any suspicious transactions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-much-can-i-save-on-bank-fees\">How much can I save on bank fees?<\/h2>\n\n\n\n<p>The amount you can save on bank fees depends on what you\u2019re paying today, what your bank habits are and whether you qualify for any savings or rebates. Here are a few scenarios that show different ways to help you save.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-sara-a-student\">Sara, a student<\/h3>\n\n\n\n<p>Sara was using a standard chequing account with an $12.95 monthly fee, without realizing her school ID could get her a student account for $0 monthly fees! After switching, she saved&nbsp;over $155 a year&nbsp;in monthly account fees alone. Her new student account also includes&nbsp;unlimited free&nbsp;<em>Interac<\/em>&nbsp;e-Transfers and non-bank ATM withdrawals, which comes in handy when she\u2019s off campus or travelling.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-savings-summary\">Savings summary<\/h3>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column has-text-reg-font-size is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:900px\">\n<table class=\"table-stack wp-block-rbc-stackable-table-block regular is-style-table-striped col-stack\"><tbody><tr><td><\/td><td><\/td><\/tr><tr><td><strong>Old account<\/strong><\/td><td>$12.95\/month (standard chequing account)<\/td><\/tr><tr><td><strong>New account<\/strong><\/td><td>No-fee student account<\/td><\/tr><tr><td><strong>How she saved<\/strong><\/td><td>Switched to a student account with no monthly fees and unlimited features<\/td><\/tr><tr><td><strong>Estimated annual savings<\/strong><\/td><td><strong>~ $155\/year<\/strong><\/td><\/tr><\/tbody><\/table>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-carlos-a-homeowner\">Carlos, a homeowner<\/h3>\n\n\n\n<p>Carlos had his mortgage, investment account and a rewards credit card all with the same bank and was paying a $16.95 monthly fee for his bank account. Once he bundled his services, his bank&nbsp;waivedthe&nbsp;fee. Just by linking his products, Carlos is now saving&nbsp;more than $200 a year, with no change to how he banks.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-savings-summary-0\">Savings summary<\/h3>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column has-text-reg-font-size is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:900px\">\n<table class=\"table-stack wp-block-rbc-stackable-table-block is-style-table-striped col-stack\"><tbody><tr><td><\/td><td><\/td><\/tr><tr><td><strong>Old account<\/strong><\/td><td>$16.95\/month chequing account<\/td><\/tr><tr><td><strong>New account<\/strong><\/td><td>Same account, but fees waived by bundling<\/td><\/tr><tr><td><strong>How he saved<\/strong><\/td><td>Linked mortgage, investment account and credit card to qualify for waiver<\/td><\/tr><tr><td><strong>Estimated annual savings<\/strong><\/td><td><strong>~ $204\/year<\/strong><\/td><\/tr><\/tbody><\/table>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-lee-a-busy-freelancer\">Lee, a busy freelancer<\/h3>\n\n\n\n<p>Lee was using a $4\/month account that came with 12 free transactions. But between debit purchases, &nbsp;and bill payments, Lee was regularly hitting&nbsp;20 transactions a month&nbsp;\u2013 and paying&nbsp;$1.25 each&nbsp;for the extras. With a few out-of-network ATM withdrawals at&nbsp;$3 each, that bargain account was suddenly costing over&nbsp;$20\/month. Lee switched to a $16.95 account that includes&nbsp;unlimited transactions and 3 non-bank ATM withdrawals, saving both money and stress.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-savings-summary-1\">Savings summary<\/h3>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column has-text-reg-font-size is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:900px\">\n<table class=\"table-stack wp-block-rbc-stackable-table-block is-style-table-striped col-stack\"><tbody><tr><td><\/td><td><\/td><\/tr><tr><td><strong>Old account<\/strong><\/td><td>$4 monthly fee + $1.25 x 10 extra transactions + $3 x 2 ATM fees each month<\/td><\/tr><tr><td><strong>New account<\/strong><\/td><td>$16.95\/month account with unlimited transactions and 3 non-bank ATM withdrawals<\/td><\/tr><tr><td><strong>How they saved<\/strong><\/td><td>Switched to an account that matches actual usage<\/td><\/tr><tr><td><strong>Estimated annual savings<\/strong><\/td><td><strong>~ $66\/year<\/strong><\/td><\/tr><\/tbody><\/table>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel has-cool-white-background-color has-background\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"h-faqs\">FAQs<\/h3>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-accordion aligncenter accordion\" id=\"&quot;accordionSet1\">\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titleab3f97a1\" class=\"collapse-toggle collapsed\" data-target=\"#accordionab3f97a1\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-95843-ab3f97a1\" aria-controls=\"accordionab3f97a1\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Are bank fees tax deductible?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Are bank fees tax deductible?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionab3f97a1\" role=\"region\" aria-labelledby=\"accordion-titleab3f97a1\"><div class=\"collapse-inner\">\n<p>If you run a business or are self-employed, business bank account fees are tax deductible as business expenses. Fees on personal bank accounts, however, typically do not qualify as tax-deductible expenses.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titlee4cbcf62\" class=\"collapse-toggle collapsed\" data-target=\"#accordione4cbcf62\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-95843-e4cbcf62\" aria-controls=\"accordione4cbcf62\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Can I negotiate bank fees?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Can I negotiate bank fees?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordione4cbcf62\" role=\"region\" aria-labelledby=\"accordion-titlee4cbcf62\"><div class=\"collapse-inner\">\n<p>In some cases, you may find you can review bank fees with your advisor. For instance, if you\u2019re a loyal customer, have multiple products or have been charged a fee for a one-time slip-up, it\u2019s worth asking your bank if they\u2019ll waive or refund a particular fee.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titled46471cd\" class=\"collapse-toggle collapsed\" data-target=\"#accordiond46471cd\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-95843-d46471cd\" aria-controls=\"accordiond46471cd\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"How can I avoid foreign transaction fees?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>How can I avoid foreign transaction fees?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordiond46471cd\" role=\"region\" aria-labelledby=\"accordion-titled46471cd\"><div class=\"collapse-inner\">\n<p>There are a few ways to avoid \u2013 or at least limit \u2013 the foreign transaction fees you may be charged when shopping internationally. Some credit cards waive foreign transaction fees \u2013 most U.S.-based credit cards will not charge these fees when you make purchases in U.S. currency. Also, shop in Canadian dollars when you can \u2013 just watch out for poor exchange rates from international retailers.&nbsp;<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titleea7e6880\" class=\"collapse-toggle collapsed\" data-target=\"#accordionea7e6880\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-95843-ea7e6880\" aria-controls=\"accordionea7e6880\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Are there fees for closing a bank account?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Are there fees for closing a bank account?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionea7e6880\" role=\"region\" aria-labelledby=\"accordion-titleea7e6880\"><div class=\"collapse-inner\">\n<p>There could be a fee for closing an account. For example, if you close an account soon after opening or you received an incentive for opening the account, you may get charged a fee.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title1be3462a\" class=\"collapse-toggle collapsed\" data-target=\"#accordion1be3462a\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-95843-1be3462a\" aria-controls=\"accordion1be3462a\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Do banks charge fees for wire transfers?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Do banks charge fees for wire transfers?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion1be3462a\" role=\"region\" aria-labelledby=\"accordion-title1be3462a\"><div class=\"collapse-inner\">\n<p>Yes, sending wires comes with a fee, usually between $30&nbsp;and $50.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title74ca682c\" class=\"collapse-toggle collapsed\" data-target=\"#accordion74ca682c\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-95843-74ca682c\" aria-controls=\"accordion74ca682c\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"What should I do if I'm charged an incorrect fee?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>What should I do if I&#8217;m charged an incorrect fee?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion74ca682c\" role=\"region\" aria-labelledby=\"accordion-title74ca682c\"><div class=\"collapse-inner\">\n<p>If you&#8217;re charged an incorrect fee on your bank account, you should contact your bank to dispute it.&nbsp;In many cases, you can dispute the charge through your bank\u2019s online or mobile banking or by contacting their customer service.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titlebbcbaddb\" class=\"collapse-toggle collapsed\" data-target=\"#accordionbbcbaddb\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-95843-bbcbaddb\" aria-controls=\"accordionbbcbaddb\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Is your bank account right for you?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Is your bank account right for you?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionbbcbaddb\" role=\"region\" aria-labelledby=\"accordion-titlebbcbaddb\"><div class=\"collapse-inner\">\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/chequing-accounts\/index.html\" data-dig-id=\"LP-95843-ca37ba48\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Explore RBC chequing accounts\" class=\"rbc-link-format\">Explore RBC chequing accounts<\/a>&nbsp;to see if there\u2019s a better match for you. Or&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/chequing-accounts\/compare-chequing-accounts.html\" data-dig-id=\"LP-95843-e065791d\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"compare chequing accounts\" class=\"rbc-link-format\">compare chequing accounts<\/a>&nbsp;for a side-by-side comparison of what we offer.<\/p>\n<\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Learn the ins and outs of common bank fees, how much they typically run and how to\u00a0lower\u00a0them.<\/p>\n","protected":false},"author":319,"featured_media":96196,"parent":57313,"menu_order":0,"template":"wp-custom-template-mmm-sticky-nav","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[62,77],"rbc_content_type":[31],"rbc_audience":[],"rbc_lob_group":[509],"rbc_difficulty_level":[33],"rbc_mmm_category":[366,318,304],"class_list":["post-95843","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-banking-digital-banking","tag-personal-finance","rbc_content_type-article","rbc_lob_group-accounts","rbc_difficulty_level-beginner","rbc_mmm_category-account-types","rbc_mmm_category-banking-basics","rbc_mmm_category-money-academy"],"acf":{"contently_publication_id":"","custom_author":"Royal Bank of Canada","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":[{"title":"What are bank fees?","url":"#h-what-are-bank-fees"},{"title":"Banking fees explained","url":"#h-banking-fees-explained"},{"title":"How to save on bank fees?","url":"#h-how-to-save-on-bank-fees"},{"title":"How much can I save on bank fees?","url":"#h-how-much-can-i-save-on-bank-fees"}],"rbc_toc_for_mmm_action":"Generate Table Of Contents"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"Learn the ins and outs of common bank fees, how much they typically run and how to lower them.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/understanding-bank-fees-and-how-to-save-on-your-bank-fees\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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