Every bank has different fees that they charge for different things. However, they often offer reduced fees or outright waivers for special groups like students, single parents, or seniors. If you belong to one of these groups, make sure you let your bank know so that you get what you are entitled to!

If you have a mortgage, try to contact your bank for something called a “professional package”. Don’t let the name mislead you. You don’t have to be a ‘professional’ of any kind in order to qualify for such a package. All you need to do is to have a home loan with that bank which is above a certain threshold which they determine and which varies from one bank to another. The idea is that you pay a single annual fee and in return you get significant discounts on your home loan, a free credit card and a complete waiver from most fees associated with your home loan account. This can often mean savings in the thousands of dollars every year which more than offsets the cost of the “professional package” itself.

With regards to the interest rate you are being charged on your mortgage, credit card or other loans, this is not set in stone. Remember: EVERYTHING is negotiable. Even with the bank.

Banks and other financial institutions are in stiff competition with each other to lend money to people. After all, this is how they make a profit! If you find a cheaper rate being offered elsewhere, don’t hesitate to pick up the phone and call your lender. Ask them to work with you so that you don’t take your business elsewhere and don’t be afraid to do it if they won’t.


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