It is shocking to find that a national Ipsos-Reid poll found that Canadians are paying an average of $21.50 per month or $258 a year in banking fees on chequing accounts. Though many people (40%) think that service fees are unfair, they seem to be doing nothing about it. The big banks offer low-cost chequing options and there are no-fee alternatives available.

From personal experience, the key to paying little or no bank fees is using a no-fee chequing account for most transactions, bill payments etc. and almost never using a third party ATM which might cost about $4 per withdrawal.