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If bank fees rise, institutions may lose customers.

That’s because many Canadians want to cut costs and simplify their daily lives, according to a new President’s Choice survey.

Read: Small biz less satisfied with banks

It finds the majority (71%) are frustrated by rising fees, and that about two-thirds say financial institutions are failing to help them save money.

Read: Financial system bypasses many Canadians

Additional highlights include:

  • 54% of those polled would switch banks to save up to $200 a year.
  • More than half (65%) say they’re financially stable, but 57% concede they aren’t saving enough.
  • Many of those polled (57%) want their banks to offer small, regular rewards, such as credit card points that can be used for groceries or other recurring expenses.

Read:

Appetite for mobile banking growing

Will rising rates squeeze U.S. banks?

Warn clients about ATM loophole

New app lets you invest spare change

Outlook bright for Canadian banks, for more on national bank stocks

Originally published on Advisor.ca

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