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Industry NewsCanadians are worried about banking fees: Study

Canadians are worried about banking fees: Study


A study from President’s Choice Financial shows that Canadians are worried about monthly banking fees and want to earn points from spending.

According to the study, 43 per cent of Canadians would rather earn points on money spent than interest on money in their account.

37 per cent say that smart spending is the top financial accomplishment, over paying-down debt or sticking to a budget.

“Four-in-five Canadians are planning or taking steps to better manage their finances since the pandemic began,” says Barry Columb, president of PC Financial. “With interest rates at all-time lows, the first thing they should do is stop paying hundreds of dollars annually on banking fees and upgrade to a no-fee account that also rewards them with points on purchases.”

PC Financial has a no monthly fee account that awards customers with 10 PC Optimum points per dollar on purchases where Mastercard is accepted.

52 per cent of Canadians say that monthly fees worry them about switching to a new bank.

“We were the first to offer Canadians no-fee daily banking. Now we’re making their money go further when they make purchases and pay bills by awarding them with points that retain their value, even in a pandemic,” adds Columb.

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