A new report from a Canadian and International banking association confirmed that the fees at some more traditional Canadian Banks are out of line with market expectations; fees such as $5.00 for all kinds of transactions including deposits. That is not correct if your bank charges you a fee for deposits. Also, if you notice, what normal average or large bank does not have a "no monthly fee" account option as a means of passing technology savings ( from online banking ( less bank branch visits or customer services calls) and paperless statements (no postage costs)) onto the customer? The no fee option is marketing savvy and draws in more business. Then after that, the bank that can confirm the most consumer confidence and service certainty with electronic services for the debit or credit card or just general service wins. Maybe you called to update your address on your account at Meloche Monex bank that is rumoured to be buying out Tangerine due to Tangerine's low service performance and Meloche asks you for a soft credit check to update your address. It's not a new account application so why would you need that or just tell me how to log in online since we have enough information to do that and we can update ourselves or just say if it's an address change, come to the service centre or just confirm for us the last 3 digits of the SIN number. That is what Meloche would do to honour it's serve guarantee. This is what Tangerine would do usually. Banks such as CIBC, Scotia Bank and others are looking into this as this fee debacle is opening new business pathways for other services. It's affecting business when the average deposits on hand at other banks might be out pacing these traditional bank services. So, who wins then? See the offers provided by DUCA, EQ Bank and Manulife Bank. Fleet Street Journal.

 A new report from a Canadian and International banking association confirmed that the fees at some more traditional Canadian Banks are out of line with market expectations; fees such as $5.00 for all kinds of transactions including deposits.  That is not correct if your bank charges you a fee for deposits.  Also, if you notice, what normal average or large bank does not have a "no monthly fee" account option as a means of passing technology savings ( from online banking ( less bank  branch visits or customer services calls) and paperless statements (no postage costs))  onto the customer? The no fee option is marketing savvy and draws in more business.  

Then after that, the bank that can confirm the most consumer confidence and service certainty with electronic services for the debit or credit card  or just general service wins. Maybe you called to update your address on your account at Meloche Monex bank that is rumoured to be buying out Tangerine due to Tangerine's low service performance and Meloche asks you for a soft credit check to update your address. It's not a new account application so why would you need that or just tell me how to log in online since we have enough information to do that and we can update ourselves or just say if it's an address change, come to the service centre or just confirm for us the last 3 digits of the SIN number. That is what Meloche would do to honour it's serve guarantee. This is what Tangerine would do usually. 

Banks such as CIBC, Scotia Bank and others are looking into this as this fee debacle is opening new business pathways for other services.  It's affecting business when the average deposits on hand at other banks might be out pacing these traditional bank services. So, who wins then?  

See the offers provided by DUCA, EQ Bank and Manulife Bank. 

Fleet Street Journal.