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Banks tighten their squeeze to extract fees

By Natasha on Jan 17, 2013

Banks tighten their squeeze to extract fees

 

Happy New Year!  As the mayans are saying, Welcome to a new Era!  As we look into an exciting new year, we are working to endeavour our new savings goals, fitness regimes and keeping pace with the everchanging world that we live in. This blog posting is focused on what our banks are doing to keep up their profits and retain your business.  Good to know information since it is likely to become a banking standard across many other financial institutions.  

It's no secret that Banks are always looking for ways to increase profits and of course their retention.  When wanting to break your mortgage, the penalty is understandable, but the additional fees are absolutely gross!!  Here are the fees you might expect to see on your payout statement:

  • Reinvestment Fee
  • Discharge Fee
  • Transfer Fee
  • Government Charge for discharge
So I question: Why a transfer fee, if the mortgage is being paid out?  And what does the Government charge for discharge have to do with your mortgage?  Not to mention, why should you be paying the bank for their re-investment?  Isn't the payout penalty enough for the business that you've given your bank over the years??  This just doesn't make sense!
Alas, I wanted to bring awareness so that when you might make your move for your mortgage you can be questioning them on this.  Or if you are looking to acquire a mortgage through a Financial Institution like TD Canada Trust, maybe reconsider your options since there are many lenders that do not have require a branch appearance that offer much better products and are not likely to charge such fees to keep your business.
 
Here is a great example of an article:
 
 Globe and Mail Article: Banks tighten their squeeze to extract fees, by Rob Carrick

 

"A prediction for 2013: Expect your bank to squeeze you harder than ever with fees."

Tags: Banks, tighten, excess fees, extract fees, TD Canada Trust, Refinance, Switch, Switch Mortgage, Transfer Mortgage, Mortgage Renewal,

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