They have sharp pencils and harsh words when it comes to cell phone contracts, data plans or cut-rate flights and hotel deals. But when it comes to banking, they’re pushovers, a complacent fee-tolerant bunch, happy to get something, but not the best deal that they might.
But your fees are one reason why Canadian banks are so profitable. Last week TD and RBC reported 15% increases in second quarter profit. RBC’s shares hit a new record. TD too.
And in the age of the Internet it’s a costly mistake to be complacent. Shopping around is easy and well worth the effort, if only to be better informed about your options. You’ll also have some ammunition to use with your bank.