Let’s face it; nobody likes being hit by fees on their transaction banking account. These are fees that banks charge us when we want to use our own money. Charges like monthly account keeping fees, overdrawn fees, transaction fees, and ATM withdrawal fees are particularly unpopular.

1. Install a false bottom on your account

Many banks in Canada charge you to have a chequing account. Costs can be anywhere from $5 to $30 per month, depending on the number of transactions. Most will refund this “cost” if you maintain a sizeable balance, usually at least $1,000 – $5,000. In any case, do some research and see what the best bank accounts are for you.

If you don’t have a false bottom on your account and want to limit the number of transactions, it’s a good idea to consider limiting the use of your debit card by withdrawing a large quantity of cash at the beginning of the month for use throughout the month. This way you avoid exceeding your transaction limit for that month.

2. Avoid using privately-owned ATMs

Charges from using bank Automated Teller Machines (ATMs) apply to all ATM use, except if you use an ATM machine from your own bank. If you use an ATM machine that does not belong to a bank (i.e., privately-owned ATMs that are commonly found in bars and restaurants), both the ATM machine and your bank will charge you fees.

Banks usually charge you for using another ATM, whether privately-owned or from another bank. Using these privately-owned ATMs is very expensive — generally, the fees run from $1.50 – $4.50 — so try to avoid using them.

3. Opt for free banking in Canada

While these options are free at first, bear in mind the above points about access to ATMs and branches. These may not be the best bank accounts for you if you have to pay fees to use other banks’ ATMs.

• Vancouver: Free checking account available from Coast Capital Credit Union (customers can use Coast Capital ATMs and HSBC ATMs free of charge).
• President’s Choice offer free banking in Canada, unlimited transactions, free cheque books. It’s an online bank, and you use CIBC cash points free of charge.
• Tangerine offers fee-free chequing and savings accounts, and they’ll even pay you a small amount of interest. They operate almost entirely online, which can be convenient for many.

Every other bank charges at least $4 a month and limited cash withdrawal/card payments or a fee applies, and additional costs.