Big Increases in Fees from the Big Banks

Bank of Montreal’s increases went into effect May 1, 2015 and they are not as high as others. Toronto-Dominion Bank’s increases were in April.

Royal Bank of Canada is increasing a variety of fees and transaction costs, effective June 1, 2015 as well increasing the age of senior eligibility for account fees.

CIBC and Scotiabank are expected to follow suit.

This will effect a large number of consumers and is not a trend we like to see.  We will keep you updated on bank fees and on the release of our forth-coming bank selection tool.