Скачать или смотреть Ok, Enough With The Bank Fees - Part 1

Part 1

Originally a blog post written by Beau Humphreys and published on April 29, 2016 at https://investwisely.ca/ok-enough-wit...

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What is a bank?

A bank is a place where you keep your money so that if your house goes up in flames, at least your money is safe and you can buy a new house.

It’s also a place where you can go and borrow money to buy something you can’t afford.

That’s basically it. Let’s look at those two things in closer detail:

A PLACE TO KEEP YOUR MONEY


My apartment is not the best place to keep my money and also, that would be a lot of $100 bills so I decide to put it in a bank.

Let’s say I have $11,000 in cash and I go to a bank and ask them to pretty please hold my money for me.

$10,000 I probably won’t touch for a while, so I’ll put it in a savings account.

The $1,000 I’ll need to access to pay for things until my next paycheque comes in, so it goes in a chequing account.

The majority of banks in Canada will do the following:

-pay me no interest while holding my $1,000 in a chequing account

-charge me at least $4/month just to hold my money in a chequing account

-charge me a deposit fee for depositing my $11,000

-pay a very small amount of interest on my $10,000 – maximum $5/month

-allow you to withdraw(your own money!) from savings only once per month then charge you up to $5 to take out any more if you need it

-allow you a limited amount of “free” transactions with your low monthly fee and then charge you the equivalent of the monthly fee for every transaction that goes over that limit

END OF PART 1 - CONTINUED IN PART 2