I am taking a break from watching the Olympics. It's the gold medal game between Canada and the U.S. Let's just say that it's tense!
A few months ago, I got annoyed with the bank that I have been dealing with for over two decades and made the switch to another bank. I thought that I'd provide an update.
Back in late October, I switched to a bank that I already had a chequing account with. I had never used it. I tend to use that bank for savings and my retirement plan. There was a promotion where if your payroll deposit automatically went into your chequing account for three months, this bank would give you $100. Already dissatisfied with my then-current bank, it was easy to make the switch.
Three months later, in January, I did indeed get my $100. Nice! I also like that I don't pay any monthly fees.
The only downside is that paying my bills can take anywhere between a day to a week to clear with my newish bank. So, I end up transferring some money to my old bank and make bill payments there. It's not all that bad.
I used to pay $11 a month with my old bank for unlimited transatction. I have since decided to go with the $4 a month plan. I don't need unlimited transactions. Instead, I am now limited to 12 transactions a month. I am sure that I won't reach this limit.
Just with this minor adjustment, I am saving $84 a year. That's not too shabby. I have also moved most of my automatic bill payments over to my current chequing account.
I have a few more changes to make, as I still have investments with my old bank. So far, it's been a good experience to look at my finances and figure out how to minimize my banking fees.
My guy is so proud of me. He approves. After all, he is my Cheap Bastard.
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