I have long had an uneasy feeling about what our Canadian banks do to make about 10 BILLION bucks a year from us! (That's for each and every one of the big 5 banks kids.)
Let me start by saying that I have a separate chequing account where I pay all my bills around the first of each month.
What I do is count up all the bills I want to pay, and then put that amount in the "bills" account so everyone can get their pound of flesh from me!
This month I put in a couple of grand and then sent cheques and bank payments out until everything was paid and I had about a buck thirty five ($1.35) left in that account.
This was all fine and good except I didn't realize that the London Free Press charged me about 23 dollars for delivery of my paper every month. (But they kept sending it out abut three or four days earlier than the last time every month.) They originally started debiting my account on the twentieth of every month, and so far it worked its way back to March 3rd. by this month.
NOW here's the rub: I had a buck thirty five in the account ($1.35) and they took off twenty three bucks ($23-) for the paper which left me just over twenty bucks in the hole! (Normally they would cover such a small amount but for some reason they sent it back ............, and charged me $48.00 for a NSF cheque!
The really frustrating thing about this is that is they had left well enough alone I would have owed them about twenty bucks and that would be the end of it! INSTEAD, I now owe them about fifty bucks and I still have to pay the London Free Press again!)
HERE WE GO FOLKS: I don't think the banks count any money they make from loans and money transfers, and all the other stuff they do. Instead they report all the money they make from service fees and bank charges, and put the loan profits somewhere else!
Think about it! If they now charge $48.00 for every NSF cheque across Canada for an entire year, (plus service fees) that would easily add up to ten billion bucks profit right there!!!!!!!
Remember when they didn't even charge you for a bad cheque? [Well, maybe it was a couple of bucks, or something, but certainly not the half a yard they ding you for it now!]